] The price elasticity of supply for plastic bags is 0.5 at the current price of...
] The price elasticity of supply for plastic bags is
0.5 at the current price
of $10 per plastic bag and the current consumption level of
4000,000 plastic bags.
Calculate the change in the qua
ntity supplied when price rises by $1
Homework Answers
Price elasticity of supply= Percentage change in quantity supplied/Percentage change in Price
0.5 =Percentage change in quantity supplied/10 (Since price rises by 10%)
5 = Percentage change in quantity supplied
So, quantity supplied will increase by 5%.
Add Answer to:
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