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The ratio of change in price `(DeltaP)` to original price (P) for a commodity is 0.6. If price elasticity of supply is 1.5 ,calculate the precentage change in supply . |
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Answer» Precentage change in Price ` =(DeltaP)/(P) xx 100 = 0.6 xx 100 = 60%` Price Elasticity of Supply `(E_(s))=("Perecentage Change in Supplied")/(" Perecntage Change in Price")` `1.5 = ("Percentage Change in Supply")/(60%)` Percentage change in supply = 90% |
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