Suppose the accompanying table contains data on how many veggie delite sandwiches subway is willing to sell each day at two diff
1 answer:
The daily price elasticity of supply is 0.1.
<h3>What is the price elasticity of supply?</h3>Price elasticity of supply measures the responsiveness of quantity supplied to changes in price of the good.
Price elasticity of supply = percentage change in quantity supplied / percentage change in price
Percentage change in quantity supplied = (210,000 / 200,000) - 1 = 5%
Percentage change in price = ($7.50 / $5) - 1 = 50%
Price elasticity of supply = 5%/50% = 0.1
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