Homework Answers
Answer
Price elasticity of supply =%change in quantity /%change in price
=15/5
=3
the elasticity of supply is 3 and it is elastic as the elasticity is above 1.
Option 3
3; elastic.
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If the price elasticity of supply is 5, supply is said to
beThe choices for the first one
is: Perfectly elastic, elastic, unit elastic, inelastic, perfectly
inelastic. Same with the last choices.
If the price elasticity of supply is 5, supply is said to be perfectly elastic This means that a 1% increase in the price of the product will lead to a % change in the quantity supplied. Supply is Cresponsiveto price changes. If a 1% change in price...
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