Question 1
The price of fish has increased from $ 3.00 to $ 4.80. The quantity supplied of fish has increased from 100 units to 130 units.
What is the price elasticity of supply (PES) of fish?
A
0.5
B
1.3
C
1.8
D
2
Question 2
[Maximum number: 1]
The supply of which good is likely to be most price elastic?
the good is
easily stored
time taken to
produce the good
no
one day
no
one year
yes
one day
yes
one year
C
Question 3
[Maximum number: 1]
When the price of butter increased by 10%, the quantity supplied of butter increased by 20%. What is the price elasticity of supply (PES) of butter?
A
-2.0
B
-0.5
C
+0.5
D
+2.0
D
All question bank results loaded