Pearson eText Economics -- Instant Access (Pearson+)
Pearson eText Economics -- Instant Access (Pearson+)
13th Edition
ISBN: 9780136879459
Author: Michael Parkin
Publisher: PEARSON+
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Chapter 4, Problem 23APA

The table sets out the supply schedule of long-distance phone calls.

Price

(cents per minute)

Quantity supplied

(millions of minutes per day)

10 200
20 400
30 600
40 800

Calculate the elasticity of supply when

a. The price falls from 40ȼ to 30ȼ a minute.

b. The average price is 20ȼ a minute.

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Price Elasticity of Supply; Author: Economics Online;https://www.youtube.com/watch?v=4bDIm3j-7is;License: Standard youtube license