Individual and Market Supply Curve Quantity Price Supplied (gs) of Palay in Luzon (PhP/kg) (in billion kg) 11 12 20 25 Quantity Supplied (qs) of Palay in Visayas (in billion kg) 3.0 3.5 Quantity Supplied (qs) of Palay in Mindanao (in billion kg) 4.0 4.5 Quantity Supplied (Qs) of Palay in the Philippines (in billion kg)

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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Assume that producers in Luzon can only produce 11 billion kg of palay at the time of
harvest even if price reaches PhP 30 per kg, what will be the value of their own price
elasticity of supply? 

Individual and Market Supply Curve
Quantity
Price Supplied (gs) of
Palay in Luzon
(PhP/kg)
(in billion kg)
11
12
20
25
Quantity
Supplied (qs) of
Palay in Visayas
(in billion kg)
3.0
3.5
Quantity Supplied
(qs) of Palay in
Mindanao (in
billion kg)
4.0
4.5
Quantity Supplied
(Qs) of Palay in the
Philippines (in
billion kg)
Transcribed Image Text:Individual and Market Supply Curve Quantity Price Supplied (gs) of Palay in Luzon (PhP/kg) (in billion kg) 11 12 20 25 Quantity Supplied (qs) of Palay in Visayas (in billion kg) 3.0 3.5 Quantity Supplied (qs) of Palay in Mindanao (in billion kg) 4.0 4.5 Quantity Supplied (Qs) of Palay in the Philippines (in billion kg)
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