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This is the end of the test. When you have completed all the questions and reviewed your answers, press the button below to grade the test. When price increases by 10% the quantity supplied increases by 15% What is the price elasticity of supply?Elasticity of Supply = Percentage Change in Supply / Percentage Change in Price. Elasticity of Supply = 15% / 10% Elasticity of Supply = 1.5.
When the price of a product is increased 10 percent the quantity demanded decreases 15 percent in this range of prices demand for this product is quizlet?When the price of a product is increased 10 percent, the quantity demanded decreases 15 percent. In this range of prices, demand for this product is: elastic.
When the price of a product is increase 10% the quantity demanded decreases 15% in this range of prices demand for this product is?Answer and Explanation: The correct answer choice is B. Demand is said to be price elastic when the value of price elasticity is greater than one. Here, the given percentage change in quantity demanded is 15, while the given percentage change in price is 10 implying that the price elasticity of demand is 1.5.
When price of a commodity rises by 20% and quantity supplied increases by 30% What is price elasticity of supply?Elasticity of supply =7. 5.
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