Estimate elasticity of supply
When a 20 percent price hike causes quantity supplied to develop 50 percent, elasticity of supply is just about: (w) 5/2. (x) 2/5. (y) 2. (z) 1/2. Please choose the right answer from above...I want your suggestion for the same.
When a 20 percent price hike causes quantity supplied to develop 50 percent, elasticity of supply is just about: (w) 5/2. (x) 2/5. (y) 2. (z) 1/2.
Please choose the right answer from above...I want your suggestion for the same.
When a 10% hike in the price of paisley socks causes sales to fall with 20%, the demand for such socks is: (1) perfectly inelastic. (2) relatively inelastic. (3) unitarily elastic. (4) relatively elastic. (5) perfectly elastic. <
A price elasticity of demand coefficient of infinity implies that: (w) the demand curve is horizontal. (x) each 1 percent price hike elicits a 1 percent increase in revenue. (y) total revenue increases proportionally as a firm increases its price. (z)
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