What is the price elasticity of supply if the supply curve is given by P = 2q? Group of answer choices1234None of the above

The price elasticity of supply measures the responsiveness of the quantity supplied to a change in the price of a good, holding all else constant. It is calculated as the percentage change in quantity supplied divided by the percentage change in price.

In this case, the supply curve is given by P = 2q. This is a linear supply curve with a constant slope, which means that the quantity supplied changes at a constant rate for each change in price.

The price elasticity of supply (Es) is given by the formula:

Es = (dQ/dP) * (P/Q)

For the given supply curve, dQ/dP = 1/2 (the reciprocal of the slope), and P/Q = 2 (from the equation P = 2q).

So, Es = (1/2) * 2 = 1.

Therefore, the price elasticity of supply is 1.