Problem 1: If an increase in the price of a ball
point pen from 40 to 50 results in an increase
in quantity supplied of pens from 1000 to 1500 what is the elasticity of supply?
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elasticity of supply will be 2
P - initial price
∆P - change in price
Q - initial quantity
∆Q - change in quantity
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Answer:
the same as upper and ....
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