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1.2.5 Elasticity of supply

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Question 7

A local brick manufacturer has estimated that the price elasticity of supply of its premium building bricks is +0.8. If the market demand for these bricks rises and the price increases by 15%, which one of the following is the resulting percentage change in the quantity supplied?

1.2%1.2\%1.2%

12%12\%12%

18.75%18.75\%18.75%

120%120\%120%

1.2.5 Elasticity of supply Questions

  1. A Level
  2. /Economics
  3. /1.2.5 Elasticity of supply