A-LevelEconomicsThe price system and the microeconomy9708/12 · May/June 2017 · Q101 Mark
The supply function for a good can be written as Q = 2P + 10, where Q is the quantity supplied in kilos and P is the price per kilo in dollars. The price falls from $15 to $10 per kilo. The value of price elasticity of supply for this price change lies in a range from
A1/6 to 1/4
B3/8 to 1/2
C2/3 to 3/4
D1 1/4 to 1 1/2
✓ Correct answer
C: 2/3 to 3/4
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