Question

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.​

Answer 1

Answer:

es = P / S x ∆ s / ∆ p  = 500 / 10 x 2 / 50 Thus es = 2