Question
3a. Define elasticity of supply and find the price from the given statement: If Es of a good is 2 and a firm supplies 200
3a. Define elasticity of supply and find the price from the given statement:
If Es of a good is 2 and a firm supplies 200 units at price of Rs 8 per unit, then at what
price will the firm supply 250 units.
3.b. Calculate the elasticity of supply if a 15 %increase in the price of soya bean oil increases its supply from 300 to 345 units
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Essentials of Economics
Authors: N. Gregory Mankiw
8th edition
1337091995, 978-1337515351, 1337515353, 978-1337091992
