객관식
The price elasticity of supply measures the responsiveness of:
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4. Elasticity
Price Elasticity of Supply
객관식
How do you calculate the price elasticity of supply?
A
ΔQs/ΔP — change in quantity supplied divided by change in price (without converting to percentages)
B
-(ΔQs/ΔP) × (P/Qs) — negative of the elasticity (sign reversed)
C
(ΔP/P) ÷ (ΔQs/Qs) — percent change in price divided by percent change in quantity supplied
D
(ΔQs/Qs) ÷ (ΔP/P) — percent change in quantity supplied divided by percent change in price
검증된 단계별 안내1
Understand that the price elasticity of supply measures how much the quantity supplied of a good responds to a change in its price.
Recall the general formula for elasticity, which is the percentage change in quantity supplied divided by the percentage change in price.
Express the percentage change in quantity supplied as \(\frac{\Delta Q_s}{Q_s}\), where \(\Delta Q_s\) is the change in quantity supplied and \(Q_s\) is the original quantity supplied.
Express the percentage change in price as \(\frac{\Delta P}{P}\), where \(\Delta P\) is the change in price and \(P\) is the original price.
Combine these to write the price elasticity of supply formula as \(\frac{\frac{\Delta Q_s}{Q_s}}{\frac{\Delta P}{P}}\), which simplifies to the percent change in quantity supplied divided by the percent change in price.
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