johnpb2320 johnpb2320

28-02-2020
Business

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Suppose when the price of jean-jackets increased by 10 percent, the quantity supplied increased by 16 percent. Based on this information the price elasticity of supply of jean-jackets is

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andromache andromache

28-02-2020

Answer:

1.6

Explanation:

The formula and the computation of the price elasticity of supply is shown below:

Price elasticity of supply = (Percentage change in quantity supplied) ÷ (percentage change in price)

where,

Percentage change in quantity supplied = 16%

And, the percentage change in price = 10%

So, the price elasticity of supply is

= 16% ÷ 10%

= 1.6

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