suppose at the price of 10 per unit, a firm supplies 50 units of a commodity. when the price rises to ₹12 per unit, the firm increases the supply to 70 units. calculate price elasticity of supply.
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Answer:
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Explanation:
Given Q=50units;Q
1
=35units;
ΔQ=Q
1
−Q=(35−50)=(−)15units
P=Rs.8;E
s
=1.6
Price elasticity of supply E
s
=
Q
P
×
ΔP
ΔQ
1.6=
50
8
×
ΔP
−15
1.6=
50ΔP
−120
ΔP=
50×1.6
−120
=−1.5
New price =Rs.8−Rs.1.5=Rs.6.5
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