question archive Use the information below to calculate a price elasticity of supply
Use the information below to calculate a price elasticity of supply
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Use the information below to calculate a price elasticity of supply. You must show your work to receive credit for this problem. Once you have calculated the price elasticity of supply, state whether it is elastic or inelastic. Given the elasticity you calculated, fill in the blank in the following sentence: A 1% increase in price will cause a ........ percent increase in quantity supplied.
| Price | Quantity Supplied |
|---|---|
| 4.00 | 15.00 |
| 6.00 | 30.00 |
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