The price of a commodity is Rs. 5 per unit and its quantity suppled is 600 units. If its price rises to Rs. 6 per unit , its quantity supplied rises b

Question

The price of a commodity is Rs. 5 per unit and its quantity suppled is 600 units. If its price rises to Rs. 6 per unit , its quantity supplied rises b

The price of a commodity is Rs. 5 per unit and its quantity suppled is 600 units. If its price rises to Rs. 6 per unit , its quantity supplied rises by 25 percent. Calculate its price elasticity of supply.

Monjur Alahi

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2025-01-04 04:42

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Salim Ahmed Kawsar · Accepted Answer · 2023-02-05T15:29:48+06:00

Salim Ahmed Kawsar

`E_(s) =(%"Change in supply")/(%"change in price")=(25)/((1)/(5)xx100)=(25)/(20)=1.25`
Supply is elastic because `E_(s)gt 1`.

11 views Answered 2023-02-05 15:29