If the price elasticity of supply is 5, supply is said to
be
The choices for the first one
is: Perfectly elastic, elastic, unit elastic, inelastic, perfectly
inelastic. Same with the last choices.
Homework Answers
Answer
Formula and other details
Price elasticity of Supply = (% change in quantity supplied) / (% change in Price)
=> the price elasticity of supply is is said to be elastic when price elasticity of supply > 1
=> the price elasticity of supply is is said to be unit elastic when price elasticity of supply = 1
=> the price elasticity of supply is said to be is inelastic when price elasticity of supply < 1
=> the price elasticity of supply is said to be is perfect elastic when price elasticity of supply = infinity
=> the price elasticity of supply is said to be perfectly inelastic when price elasticity of supply = 0
From above details it is clear that, If the price elasticity of supply is 5, supply is said to be (b) Elastic
This means that 1% change increase in price will lead to 5% increase in quantity supplied. This implies Supply Responsive to price changes.
As discussed above the price elasticity of supply is said to be perfectly inelastic when price elasticity of supply = 0, This means that any change increase in price will lead to No change in quantity supplied.
Hence, If 1% change Change in price will lead to no change in quantity supplied, Supply is (e) Perfectly Inelastic
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