An increase in the price of hamburger from $3 to $4 leads to an increase in quantity supplied from 100 units to 150 units.At the original price,the price elasticity of supply for hamburgers is _____ and at this point the supply curve is _______.
A)2/3;elastic
B)2/3;inelastic
C)3/2;elastic
D)3/2;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 Hamburger from $3 to $4