An increase in the price of golf clubs from $75 to $125 led to an increase in quantity supplied from 200 units to 300 units.The price elasticity of supply for golf club is _____ so the supply curve is _______.
A)2;elastic
B)2;inelastic
C)4/3;elastic
D)3/4;inelastic

Question

Quizplus · Accepted Answer

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

An Increase in the Price of Golf Clubs from $75