What is the price elasticity of supply if the supply curve is given by P = 2q? Group of answer choices1234None of the above
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Solution 1
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 = Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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