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Price Elasticity of Supply
Price Elasticity of Supply
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Price elasticity of supply Quiz
Flashcards
9 cards
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Questions
9
Answers
1
What is the determinant of price elasticity of supply?
Relationship between substitutes
Income
Taste/Preferences
Stock storage
2
Demand for manufactured goods is ______?
Elastic
Inelastic
Unit elastic
None of the above
3
Commodities = ?
Communitites
Products
Raw Materials
Services
4
What is the range value of the price elasticity of supply of question #3?
Inelastic
Unit elastic
Perfectly inelastic
Elastic
5
Price increases from
$1.00
to
$1.10
and supply increases from
10
to
12.5
. Find the PES.
0.4
2.5
2.0
1.0
6
Price: $10; Sale volume: 20,000 units/week. Price rose to $12 and products rose to 21,000. PES?
1.00
0.8
0.25
0.50
7
Read and calculate the answer for the following question.
1000
10
100
10000
8
Read and calculate the answer.
3
10
13
12
9
What is the range values of the price elasticity of supply of question #1
Elastic
Perfectly elastic
Perfectly inelastic
Inelastic
