The longer the time period considered, the more the elasticity of supply tends to INCREASE.
The elasticity of supply refers to the responsiveness of suppliers to the change in price of their products or services. Elasticity of supply is measured as a ratio of proportionate change in quantity supplied to the change in price. Elasticity of supply tends to increase with time.<span />
What is the product that you want to find where it comes from?
Answer:
B. 1.291%
Explanation:
The computation of the standard deviation is shown below;
= 2000 + 2001 + 2002 + 2003
= 0.5 × 14% + 0.5 × 16% + 0.5 × 15% + 0.5 × 17% + 0.5 × 16% + 0.5 × 18% + 0.5 × 17% + 0.5 × 19%
= 15% + 16% + 17% + 18%
= stdev( 15% + 16% + 17% + 18%)
= 1.291%
Hence, the correct option is b.
