when the price of wheat was ₹ 500 per quintal, a producer supplies 10 quintal but when price rise to ₹ 550 per quintal, he supplies by 12 quintal, determined the price elasticity of supply and comments on the shape of supply curve.
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es = P / S x ∆ s / ∆ p = 500 / 10 x 2 / 50 Thus es = 2
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