Calculate the price elasticity of supply for Brenda's Bakery's cheddar bread. When the price changes by 27%, the quantity supplied changes by 54%
Calculate the price elasticity of supply for Brenda's Bakery's cheddar bread. When the price changes by 27%, the quantity supplied changes by 54%
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter19: Elasticity
Section: Chapter Questions
Problem 4WNG: The quantity supplied of a good rises from 120 to 140 as price rises from 4 to 5.50. What is the...
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The price elasticity of supply (PES) shows the responsiveness of the quantity supplied of a good to the change in its price. The PES is given as:
PES = Percentage change in quantity supplied/Percentage change in price
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