If a 30 percent change in price causes a 15percent change in quantity supplied, then the price elasticity of supply isSelect one:a. 1/2 and supply is elastic.O b. 2 and supply is inelastic.O c. 2 and supply is elastic.O d. 1/2 and supply is inelastic.

The elasticity of Quantity Supplied is calculated by the below Formula Es = Precentage change in…

If a 30 percent change in price causes a 15percent change in quantity supplied, then the price elasticity of supply is Select one: O a. 1/2 and supply is elastic. O b. 2 and supply is inelastic. O c. 2 and supply is elastic. O d. 1/2 and supply is inelastic.

If a 30 percent change in price causes a 15percent change in quantity supplied, then the price elasticity of supply is Select one: O a. 1/2 and supply is elastic. O b. 2 and supply is inelastic. O c. 2 and supply is elastic. O d. 1/2 and supply is inelastic.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 3QR

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Question

If a 30 percent change in price causes a 15percent change in quantity supplied, then the price elasticity of supply is
Select one:
a. 1/2 and supply is elastic.
O b. 2 and supply is inelastic.
O c. 2 and supply is elastic.
O d. 1/2 and supply is inelastic.

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