If a one percent increase in the price of oranges leads to a five percent increase in the quantity supplied, the price elasticity of supply for oranges is ________.
A)1/5
B)1/2
C)5
D)2

Name: If a one percent increase in the price of oranges leads to a five percent increase in the quantity supplied, the price elasticity of supply for oranges is ________. A)1/5 B)1/2 C)5 D)2
Brand: Quizplus
Rating: 4.7 (33 reviews)

Question

Quizplus · Accepted Answer

The price elasticity of supply at a point is the percentage change in quantity supplied divided by the percentage change in price.

If a One Percent Increase in the Price of Oranges