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A product with a price elasticity of supply (PES) of 1.2 experiences a 15% decrease in price. By what percentage will the quantity supplied change?
This document contains an economics exercise from Polytechnic University of the Philippines that assesses a student's understanding of demand and supply. It includes multiple choice and short answer questions testing how shifts in demand and supply curves impact equilibrium price and quantity.
This section provides a problem set on microeconomics, supply and demand, and elasticity.
Supply and Demand Practice Answers. Directions: Read through each of the following examples. Use the graph to show the impact on demand or supply by shifting the appropriate curve. Use an arrow to show the change in price and quantity. Write a brief reason for your answer.
Demand and Supply - Practice Questions and Answers. Question 1: What is wrong with the statement: Demand refers to the willingness of buyers to purchase different quantities of a good at different prices during a specific time period: Instead of “demand”, it should be “quantity demanded”. Instead of “willingness”, it should be “ability”.
To calculate elasticity along a demand or supply curve economists use the average percent change in both quantity and price. This is called the Midpoint Method for Elasticity, and is represented in the following equations:
19 Σεπ 2023 · 1. Definition of PES. Price Elasticity of Supply (PES) measures the responsiveness of the quantity supplied of a good to changes in its price. PES helps us understand how much the quantity supplied changes when the price changes. 2. Formula for Calculating PES.
