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2 October, 03:58

Calculate the price elasticity of supply for Bobbie's Bakery's sourdough loaf. When the price changes by 23 % 23%, the quantity supplied changes by 53 % 53%. Round your answer to two decimal places.

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  1. 2 October, 06:11
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    Price Elasticity of Supply = 2.40

    Explanation:

    Price Elasticity of Supply is buyers' responsive change in quantity supplied due to change in Price.

    P Es Formula = % change in quantity supplied / % change in price.

    Given : % change in supply = 53; % change in price = 23

    So, P Es = 53 / 23 = 2.40

    % change in supply > % change in price & supply is > 1. So, Supply is Elastic.
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Home » Business » Calculate the price elasticity of supply for Bobbie's Bakery's sourdough loaf. When the price changes by 23 % 23%, the quantity supplied changes by 53 % 53%. Round your answer to two decimal places.
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