Question

what will be the price elasticity if the original price is 5 the original quantity is 8 and the changed price is 6 and the change quantity is 4 unit.​

Answer 1

Answer:

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

Therefore, Price elasticity of supply= ((120-100)/(120+100))*( (5-4)/(5+4))

= 0.80

Since, price elasticity of supply is less than 1, supply of this commodity is inelastic. This means that a shift in price won't drastically affect the supply of the commodity

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Answer 2

Answer:

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