Question

If price of a commodity falls from 60 per unit to 58 per unit, its supply falls from 300 units to 200 units. Find out its elasticity of supply​

Answer 1

Answer: p=60 quantity=300 elasticity=?

p=58 quantity=200

∆p=p-p ∆q= q-q

=58-60 =200-300

=(-2) =-100

elasticity=∆q/∆p × p/2

= -100/-7 × 60/300 after simplifying You will get the answer as 30/3 = 10

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