IB Multiple Choice - Price Elasticity of Supply

Test yourself on IB Multiple Choice - Price Elasticity of Supply

• If supply is elastic, which of these statements is true?

• From the data shown in this table, about the supply of alarm clocks, what is the price elasticity of supply from point J to point K, when using the Midpoint (Arc) Elasticity Formula?

• If the price elasticity of supply between points J and K is 2.83, what does this say about elasticity at this point of the curve?

• From the data shown in this table, about supply of alarm clocks, what is the price elasticity of supply from point L to point M?

• If the price elasticity of supply between points L and M is 1, what does this say about elasticity at this point of the curve?