Homework Answers
Price elasticity of supply=%change in supply /%change in price
Q1=120;Q2=180
P1=$9;P2=$11
Price elasticity of supply=(Q2-Q1)/(Q2+Q1)/2×100÷(P2-P1)/P2+P1/2×100
=(180-120)/(180+120)/2×100÷(11-9)/(11+9)/2×100
=60/150×100÷2/10×100
=40%÷20%=2
Therefore the answer is second option i.e 2
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