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1 August, 02:20

The following data relate to the supply schedule of a product.

Price ($ Per Unit) Quantity Supplies (Units Per Week)

5 100

10 200

15 250

20 300

25 350

30 500

Over which of the following price ranges is the price-elasticity of supply greater than 1?

(A) $25 to $30

(B) $10 to $15

(C) $20 to $25

(D) $15 to $20

+1
Answers (1)
  1. 1 August, 02:46
    0
    A

    Explanation:

    The formula for price elasticity of supply is:

    Percentage change in quantity supplied : percentage change in price

    From $25 to $30

    % change in quantity = (500 - 350) / 350 = 42.86%

    % change in price = (30 - 25) / 25 = 20%

    PES = $42.86/$20 = 2.143,
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Home » Business » The following data relate to the supply schedule of a product. Price ($ Per Unit) Quantity Supplies (Units Per Week) 5 100 10 200 15 250 20 300 25 350 30 500 Over which of the following price ranges is the price-elasticity of supply greater than 1?
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