If an increase of 9 percent in the price of frozen pizzas results in a 8 percent increase in the quantity of frozen pizzas supplied, the price elasticity of supply for frozen pizzas is________.

Price elasticity of supply is a term used to describe a result in the market caused by a change in the quantity offered of a product related to a change in the price of that product.

To calculate the price elasticity of the offer, we use the following formula:

Price elasticity of supply = % change in quantity supplied / % change in price.

We can apply this formula to the question above, as follows:

Price elasticity of supply = 8 / 9 = 0.8888

PiaDeveau PiaDeveau · Answer 2 · 2021-12-28T13:00:24+01:00

Price elasticity of supply for frozen pizzas is 0.888

Given that;

Increase in price percentage = 9%

Increase in demand percentage = 8%

Find:

Price elasticity of supply for frozen pizzas

Computation:

Price elasticity of supply for frozen pizzas = Increase in demand percentage / Increase in price percentage

Price elasticity of supply for frozen pizzas = 8% / 9%

Price elasticity of supply for frozen pizzas = 0.888

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If an increase of 9 percent in the price of frozen pizzas results in a 8 percent increase in the quantity of frozen pizzas​ supplied, the price elasticity of supply for frozen pizzas is________.

Respuesta :

Given that;

Find:

Computation:

Learn more:

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If an increase of 9 percent in the price of frozen pizzas results in a 8 percent increase in the quantity of frozen pizzas supplied, the price elasticity of supply for frozen pizzas is________.