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How does quantity supplied of a good with a large elasticity of supply react to price change?

It will be very sensitive to price change. A change in the price will change the quantity supplied by a factor greater than 1. ps: Price elasticity of supply= (% change in quantity supplied)/(% change in price)


Total expenditures are determined by what?

Dividing the change in demand for the product by its change in price. e=(change in demand)%/(change in price)%


Can you find price elasticity if there is no change in price?

There must be a change in the price to calculate the price elasticity. Elasticity depends on the changes in the demand of a good or service based on the change in the price of a good or service.


How do you calculate Price elasticity of demand?

calculate the following price elasticity of for a price increase from $5-6, 6-7, 7-8 and verify your answer using the total revenue approach:


What is the formula for price elasticity of demand?

Ed=% Change in quantity demanded/% Change in price=(Q2-Q1)/Q1/(P2-P1)/P1= P1 - Price before change P2 - Price after change Q1 - Quantity before change Q2 - Quantity after change Ed- Price elasticity of demand


What is determinants of price elasticity of demand?

The rate of change of price and the rate of change of demand as a function of price.


What is the inelastic equation used to calculate the change in price when the demand for a product remains constant regardless of price fluctuations?

The inelastic equation used to calculate the change in price when demand remains constant is: Price Elasticity of Demand (PED) ( Change in Quantity Demanded) / ( Change in Price).


What is the formulae for elasticity of demands?

Ed=% Change in quantity demanded/% Change in price=(Q2-Q1)/Q1/(P2-P1)/P1= P1 - Price before change P2 - Price after change Q1 - Quantity before change Q2 - Quantity after change Ed- Price elasticity of demand


What is price changes?

price change is reaction of consumer and measure the ful effecof the change in a price of goods of the quantity purchase


Why does the price of a bond change over its lifetime?

Why does the price of a bond change over its lifetime?


What is the price-level effect?

The change in the interest rate due to a change in the price level.


What is the mathematical formula for price elasticity of demand?

% change in quantitydemanded divided by % change in price.