Question
1. Suppose we have a good whose quantity supplied changed from 100 to 120 units when the price increased from $10 to $12 per unit. Compute the price elasticity of supply using the midpoint method
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Answer to a math question 1. Suppose we have a good whose quantity supplied changed from 100 to 120 units when the price increased from $10 to $12 per unit. Compute the price elasticity of supply using the midpoint method
Jon
4.6110 Answers
mid point elasticity of supply=((Q2-Q1)/(Q2+Q1)/2)/(P2-P1)/((P2+P1)/2)
=(20/115)/(2/(11/2))
=0.478
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