If the price elasticity of supply for takeaway pizza is 1.20 and the price of takeaway...
If the price elasticity of supply for takeaway pizza is 1.20 and the price of takeaway pizza
rises by 20%, by how much will the supply of takeaway pizza expand?
Homework Answers
Solution: 24%
Explanation:
Price elasticity of supply for pizza = % change in quantity
supplied of pizza / % change in price of pizza
1.20 = % change in quantity supplied of pizza / 20%
1.20 * 20% = % change in quantity supplied of pizza
24% = % change in quantity supplied of pizza
Add Answer to:
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