Consider a competitive market for pork with the quantity supplied (per year) at various prices are given as follows:
$\begin{array}{lc}
\underline {\text { Price (dollars/kg) }} & \underline { \text { Supply (million kg)} } \
60 & 8 \
80 & 14 \
100 & 18 \
120 & 22
\end{array}$
A. Calculate the price elasticity of supply when the price is USD 80/kg.
B. Calculate the price elasticity of supply when the price is USD 100/kg.

Question

Consider a competitive market for pork with the quantity supplied (per year) at various prices are given as follows:
 $\begin{array}{lc}
 \underline {\text { Price (dollars/kg) }} & \underline { \text { Supply (million kg)} } \
60 & 8 \
80 & 14 \
100 & 18 \
120 & 22
\end{array}$ 
A. Calculate the price elasticity of supply when the price is USD 80/kg. 
B. Calculate the price elasticity of supply when the price is USD 100/kg.

Quizplus · Accepted Answer

The Answer of Consider a competitive market for pork with the quantity supplied (per year) at various prices are given as follows:
 $\begin{array}{lc}
 \underline {\text { Price (dollars/kg) }} & \underline { \text { Supply (million kg)} } \
60 & 8 \
80 & 14 \
100 & 18 \
120 & 22
\end{array}$ 
A. Calculate the price elasticity of supply when the price is USD 80/kg. 
B. Calculate the price elasticity of supply when the price is USD 100/kg.

Consider a Competitive Market for Pork with the Quantity Supplied