Due to a 10 percent rise in the price of a commodity , its quantity supplied rises from 400 units to 450 units. Calculate its price elasticity of supp

Question

Due to a 10 percent rise in the price of a commodity , its quantity supplied rises from 400 units to 450 units. Calculate its price elasticity of supp

Due to a 10 percent rise in the price of a commodity , its quantity supplied rises from 400 units to 450 units. Calculate its price elasticity of supply. Is its supply elastic ?

Monjur Alahi

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2025-01-04 04:42

1 Answers

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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 ")=((50)/(400)xx100)/(10)=((25)/(2))/(10)=(25)/(10)=1.25`
Supply is elastic because `E_(s) gt 1`.

6 views Answered 2023-02-05 15:29