Answer the question on the basis of the following demand and supply data: $ \begin{array}{cccc}\text {Quantity Demanded}&&
\text {Quantity Supplied}\\underline{\text { Per Month }} &\underline{\text { Price }} &\underline{ \text { Per Month} } \ 30& \$ 8 & 44 \ 36 & 7 & 38 \ 42 & 6 & 30 \ 50 & 5 & 20\end{array} $ Refer to the data.The supply of this product is inelastic in the $6-$5 price range.

Question

Answer the question on the basis of the following demand and supply data: $ \begin{array}{cccc}\text {Quantity Demanded}&&
\text {Quantity Supplied}\\underline{\text { Per Month }} &\underline{\text { Price }} &\underline{ \text { Per Month} } \ 30& \$ 8 & 44 \ 36 & 7 & 38 \ 42 & 6 & 30 \ 50 & 5 &  20\end{array} $ Refer to the data.The supply of this product is inelastic in the $6-$5 price range.

Quizplus · Accepted Answer

In the $6-$5 price range, the percentage change in quantity supplied is larger relative to the percentage change in price, indicating elastic supply, not inelastic.

Answer the Question on the Basis of the Following Demand