CBSE Class 12-commerce Answered
What is the price elasticity of supply of good x is double
the price elasticity of supply of good Y. 20 percent decline in the price of
X results in 16 percent decline in its supply. If the supply of Y increases
by 30 percent, calculate the percentage rise in price of Y.
Asked by Topperlearning User | 25 Apr, 2016, 02:40: PM
Expert Answer
Percentage decline in supply of X/Percentage decline in price of X =
2(Percentage rise in supply of Y/Percentage rise in price of Y)
-16/-20 = 2(30/ Percentage rise in price of Y)
Percentage rise in price of Y= (2 * 30 * -20)/-16
= -1200/-16 = 75%
Answered by | 25 Apr, 2016, 04:40: PM
CBSE 12-commerce - Microeconomics
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Asked by Topperlearning User | 25 Apr, 2016, 02:40: PM
ANSWERED BY EXPERTCBSE 12-commerce - Microeconomics
Asked by Topperlearning User | 25 Apr, 2016, 02:40: PM
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