If the price of coffee falls by 10 percent and the quantity supplied of coffee falls by 1.5 percent then the elasticity of supply of coffee is:
A. |
6.67. |
|
B. |
0.15. |
|
C. |
10. |
|
D. |
1.5. |
Elasticity of supply of coffee = % change in quantity supplied ÷ % change in price
= 1.5% ÷ 10 %
= 0.15
Answer is B. 0.15
If the price of coffee falls by 10 percent and the quantity supplied of coffee falls...
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