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12.) Due to 10% rise in the price of a commodity, its quantitysupplied rises from 400 units to 450 units. Calculate itsprice elasticity of supply. Is its supply elastic ?

Economy Primary School in Economy 1 year ago

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1.25 , YES , GQExplanation:% change in quantity SUPPLIED = (450-400)/400 = 12.5%% change in price = 10% price ELASTICITY of supply = 12.5%/10% = 1.251.25 > 1 , yes ,the supply is ELASTIC .

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Posted on 17 Sep 2024, this text provides information on Economy related to Primary School in Economy. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.

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12.) Due to 10% rise in the price of a commodity, its quantitysupplied rises from 400 units to 450 units. Calculate itsprice elasticity of supply. Is its supply elastic ?​

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12.) Due to 10% rise in the price of a commodity, its quantitysupplied rises from 400 units to 450 units. Calculate itsprice elasticity of supply. Is its supply elastic ?