Question

If price of a commodity from rs 60per unit to rs58 per unit its apply from 400units to 300 units find out its velocity of supply by percentage method. plz send notebook sloutions only
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Answer 1

P1=60

p2=58

%age change in price= -2/ 60 *100

= -3.33%

q1=400

q2= 300

%age change in quantity supplied= -100/400 *100

=-25%

price elasticity of supply= %change in quantity supplied/ %age change in price

=-25/ -3.33

=7.50

Hoping you meant supply instead of apply and elasticity instead of velocity.