Question

If the price elasticity of supply for pickles is 2 and the price of pickles increases by 10 percent, then the quantity supplied of pickles will increase by

Answer 1

If  the price of pickles increases by 10 percent, then the quantity supplied of pickles will increase by 20%.

Increase in quantity supplied

Using this formula

Increase in quantity supplied=Price elasticity of supply for pickle×Increase in price of pickles

Let plug in the formula

Increase in quantity supplied=2×10%

Increase in quantity supplied=20%

Therefore If  the price of pickles increases by 10 percent, then the quantity supplied of pickles will increase by 20%.

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