Producer A and Producer B are the only producers in a market for protective helmets. Their planned weekly output at two prices is shown below.
| Price per helmet | Producer A (helmets per week) | Producer B (helmets per week) |
|---|---|---|
| £10 | 300 | 500 |
| £12 | 390 | 570 |
Calculate the price elasticity of supply for the market as the price rises from £10 to £12. State whether supply is elastic, inelastic or unitary elastic.
81 exam-style questions on OCR GCSE Economics 2.3 Supply, covering 2.3.1 What is supply, 2.3.2 Draw a supply curve using data, 2.3.3 Explain a supply curve, 2.3.4 Shifts and movements of the supply curve, 2.3.5 Causes and consequences of supply changes, 2.3.6 Price elasticity of supply, 2.3.7 Draw supply curves of different elasticity, and 2.3.8 Importance of price elasticity of supply. Each one has a worked solution and a mark scheme showing where the marks go.