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Author Question: If price increases from 45 to 55, the market quantity supplied increases from 20 units per week to ... (Read 108 times)

JGIBBSON

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on: Jul 1, 2018
If price increases from 45 to 55, the market quantity supplied increases from 20 units per week to 30 units per week. The price elasticity of supply is
 a. 1/2 = 0.5
  b. 1.0
  c. 11/6 = 1.8333
  d. 9/4 = 2.25
  e. 2.0

Question 2

If an increase in price from 1 to 2 per unit leads to an increase in quantity supplied from 20 to 100 units, then the value of price elasticity of supply is
 a. 0.38
  b. 2
  c. 2.67
  d. 4
  e. 8


al

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Reply #1 on: Jul 1, 2018
Answer to Question 1

E

Answer to Question 2

B


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