If the elasticity of supply is .5,then a 10% decrease in price will result in a 5% increase in quantity supplied.

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This is a correct statement. Elasticity of supply is calculated as the percentage change in quantity supplied divided by the percentage change in price. If the elasticity of supply is .5, then a 10% decrease in price will result in a 5% increase in quantity supplied, because (5%/10%) = .5.

If the Elasticity of Supply Is