Quantity supplied is 1,000 at $8 and 1,400 at $12. What is the price elasticity of supply from the $8 base?

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Question

Quantity supplied is 1,000 at $8 and 1,400 at $12. What is the price elasticity of supply from the $8 base?

Accepted Answer

0.8, inelastic — 8, inelastic. Award 1 mark. Working: quantity rises 400 on a base of 1,000, so 40%; price rises $4 on a base of $8, so 50%; and 40 ÷ 50 = 0.8. Producers cannot expand output proportionately in the time available.

Answer

0.4, inelastic

Answer

1.0, unit elastic

Answer

0.8, inelastic

Answer

1.25, elastic

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