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If quantity supplied increases by 60% due to a 50% increase in price, then elasticity of supply is ______ -

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Question

If quantity supplied increases by 60% due to a 50% increase in price, then elasticity of supply is ______

Options

  • (-) 1.2

  • (+) 1.2

  • (-) 0.83

  • (+) 0.83

MCQ
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Solution

If quantity supplied increases by 60% due to a 50% increase in price, then elasticity of supply is (+) 1.2.

Explanation:

Percentage change in quantity supplied/Percentage change in price = `60/50 = 1.2`

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