If the price of a commodity falls by 10% and,consequently,the quantity supplied decreases by 20%. What will be its price elasticity of supply?
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If the price of a commodity falls by 10% and,consequently,the quantity supplied decreases by 20%. What will be its price elasticity of supply?
If the price of a commodity falls by 10% and,consequently,the quantity supplied decreases by 20%. What will be its price elasticity of supply?
Es =% change in quantity/% change in price = 20%/ 10% = 2