Question

If a price increase of 50% results in an increase in the quantity
supplyed of an economic good from 10 to 20 pieces, calculate the
coefficient of price elasticity of supply​

Answer 1

Answer:

2

Explanation:

%change in supply = (20-10) / 10 × 100 = 100%

Price Elasticity of supply = % change in supply / %change in price

                                         = 100% / 50% = 2

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Answer 2

Concept: The price physical property of provide could be a live employed in social science to point out the responsiveness, or physical property, of the number provided of decent or service to an amendment in its value.

Given: Price increases by 50%.

Quantity of goods increases from 10 to 20.

Find: Calculate the price elasticity of supply.

Solution: Price elasticity of supply= % change in quantity/ % change in price.

% change in quantity= current price- previous price/ previous price ×100

                                  = 20-10/ 10 ×100

                                  = 10/10 ×100

                                  = 100%

% change in price= 50%

price elasticity of price= 100%/50%

                                     = 2.

Final answer: The price elasticity of supply is 2.

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