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natali 33 [55]
3 years ago
7

Calculate the price elasticity of supply for Bobbie's Bakery's sourdough loaf. When the price changes by 23 % 23% , the quantity

supplied changes by 53 % 53% . Round your answer to two decimal places.
Business
1 answer:
dlinn [17]3 years ago
5 0

Answer:

Price Elasticity of Supply = 2.40

Explanation:

Price Elasticity of Supply is buyers' responsive change in quantity supplied due to change in Price.

P Es Formula = % change in quantity supplied / % change in price.

Given : % change in supply = 53 ; % change in price = 23

So, P Es = 53 / 23 = 2.40  

% change in supply > % change in price & supply is > 1 . So, Supply is Elastic.  

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