Problem:
Provided below is the supply schedule for s given product. Use this data to answer the following.
Price elasticity of supply

Unit supplied

Price



0

2



2

4



4

6



6

8



8

10



10

12



12

14



14

16

Required:
problem 1: Evaluate the coefficient of the priceelasticity of supply for the seven (7) prices ranges given above and complete table.
problem 2: What do you observe about the algebraic signs for the values which you have just evaluated? Describe why this is so.
problem 3: prepare the expression for priceelasticity of supply as the ratio of the marginal concept and an average concept. Describe why all linear supply curves emanating from origin manifest unitary priceelasticity.