The price of a commodity rises from Rs. 10 per unit to Rs. 15 per unit , as a result of which its supply increased by 30% .Calculate the elasticity of supply.
Answers
Answered by
11
Heya...
See here for your answer...
Es = % change in Q / % change in P
So,, P = 10
P1 = 15
∆P = 15-10 = 5
% change in P is... 5/10 x 100 = 50 %
% change in Q given.. 30%
Now, Es is...
30% / 50% = 0.6 Answer...
See here for your answer...
Es = % change in Q / % change in P
So,, P = 10
P1 = 15
∆P = 15-10 = 5
% change in P is... 5/10 x 100 = 50 %
% change in Q given.. 30%
Now, Es is...
30% / 50% = 0.6 Answer...
Answered by
1
0.6 is the correct answer
hope it helps you
Similar questions