At a price of $10 per unit, Gadgets Inc. is willing to supply 14,000 gadgets, while United Gadgets is willing to supply 11,000 gadgets. If the price were to rise to $14 per unit, their respective quantities supplied would rise to 16,000 and 15,000. If these are the only two firms supplying gadgets, what is the elasticity of supply in the market for gadgets?
A)0.64
B)0.8
C)1.12
D)1.56

Question

Quizplus · Accepted Answer

The Answer of At a price of $10 per unit, Gadgets Inc. is willing to supply 14,000 gadgets, while United Gadgets is willing to supply 11,000 gadgets. If the price were to rise to $14 per unit, their respective quantities supplied would rise to 16,000 and 15,000. If these are the only two firms supplying gadgets, what is the elasticity of supply in the market for gadgets?
A)0.64
B)0.8
C)1.12
D)1.56

At a Price of $10 Per Unit, Gadgets Inc