29. Commodities X and Y have equal price elasticity of supply. The supply of X risesfrom 400 units to 500 units due to a 20% rise in its price. Calculate the percentagefall in supply of Y if its price falls by 8%.

Price elasticity of supply measures the responsiveness to the supply of a good or service after a…

Answered: Commodities X and Y have equal price…

Commodities X and Y have equal price elasticity of supply. The supp from 400 units to 500 units due to a 20% rise in its price. Calculate the fall in supply of Y if its price falls by 8%.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 9SCQ: Suppose the cross-price elasticity of apples with respect to the price of oranges is 0.4, and the...

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29. Commodities X and Y have equal price elasticity of supply. The supply of X rises
from 400 units to 500 units due to a 20% rise in its price. Calculate the percentage
fall in supply of Y if its price falls by 8%.

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