What is the formula for measuring the price elasticity of supply? Suppose the price of apples goes

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What is the formula for measuring the price elasticity of supply? Suppose the price of apples goes up from $20 to $22 a box. In direct response, Goldsboro Farms supplies 1200 boxes of apples instead of 1000 boxes. Compute the coefficient of price elasticity (midpoints approach) for Goldsboro’s supply. Is its supply elastic, or is it inelastic? LO3

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Essentials Of Economics

ISBN: 9780077502140

3rd Edition

Authors: Stanley Brue, Campbell McConnell, Sean Flynn

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