Suppose the price of a commodity increases from 10 to Rs. 20.
As a result the total quantity supplied has increased by 15 units.
If the elasticity of supply is 0.5, find out the initial and final level
of supply of the firm.
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1
Answer:The price elasticity of demand is the percentage change in the quantity demanded of a good or service divided by the percentage change in the price. The price elasticity of supply is the percentage change in quantity supplied divided by the percentage change in price
Explanation:
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Answer:
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