elasticity of supply. With this given data, the best way to calculate the elasticity is as follows. Let initial price be P and new price is P2 Let initial quantity be Q1 and new quantiz P = 10 P2 = 20 100
elasticity of supply. With this given data, the best way to calculate the elasticity is as follows. Let initial price be P and new price is P2 Let initial quantity be Q1 and new quantiz P = 10 P2 = 20 100
College Physics
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ISBN:9781305952300
Author:Raymond A. Serway, Chris Vuille
Publisher:Raymond A. Serway, Chris Vuille
Chapter1: Units, Trigonometry. And Vectors
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Please write the attached text in handwriting with the writing (masa tarabeh) at the beginning of the page
![There are several ways to calculate the
elasticity of supply. With this given data, the
best way to calculate the elasticity is as
follows.
Let initial price be P and new price is P2.
Let initial quantity be Q1 and new quantity
P = 10
P2 = 20
Q1 = 100
Q2
120
|E,]=
% change in quantity supplied
% change in price
Q2-Q1
(2+Q1)/2
|Es|=
P2-P
(P2+P1)
120-100
(120+100)
|E,|=
20-10
(20+10)
20
|E]=
220
/2
10
30
/2
20
110
|E|=
10
15
20
TIO
15
|E=
|E,\= †
3
0.27
The calculated elasticity of supply is 0.27
which is less than 1. It can be said that the
supply is inelastic.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F90dbfdb4-542c-4a3d-8c8f-5eb7f1577003%2Fe93ca483-83f2-4c64-ab2f-854f6104335c%2Fxv1of9k_processed.jpeg&w=3840&q=75)
Transcribed Image Text:There are several ways to calculate the
elasticity of supply. With this given data, the
best way to calculate the elasticity is as
follows.
Let initial price be P and new price is P2.
Let initial quantity be Q1 and new quantity
P = 10
P2 = 20
Q1 = 100
Q2
120
|E,]=
% change in quantity supplied
% change in price
Q2-Q1
(2+Q1)/2
|Es|=
P2-P
(P2+P1)
120-100
(120+100)
|E,|=
20-10
(20+10)
20
|E]=
220
/2
10
30
/2
20
110
|E|=
10
15
20
TIO
15
|E=
|E,\= †
3
0.27
The calculated elasticity of supply is 0.27
which is less than 1. It can be said that the
supply is inelastic.
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