From the table above, Calculate the price elasticity of supply
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Correct Answer: Option C
Explanation:
The price elasticity of supply = % change in quantity supplied / % change in price.
% \(\Delta\) in Qs = 24 - 20 = 4
% \(\Delta\) in price = 10 - 8 = 2
\(\frac{4}{2}\) = 2
The price elasticity of supply = % change in quantity supplied / % change in price.
% \(\Delta\) in Qs = 24 - 20 = 4
% \(\Delta\) in price = 10 - 8 = 2
\(\frac{4}{2}\) = 2