CBSE Class 12-commerce Answered
When the market price of a good is Rs. 5, the producer
supplies 10 units of a good. If the price increases to Rs. 6, the producer is
willing to supply 14 units. Calculate the price elasticity of supply of good.
Asked by Topperlearning User | 25 Apr, 2016, 02:40: PM
Expert Answer
Price elasticity of supply = Price/ quantity * Change in Quantity/ Change in price
es= 5/10 * 4/1= 2
Thus, the price elasticity of supply is greater than unity.
Answered by | 25 Apr, 2016, 04:40: PM
CBSE 12-commerce - Microeconomics
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