So in this example the price elasticity of supply when the price increase from 10 to 12 is 0 625 62 5. Percentage change in quantity supplied 30 20 30 20 2 40.
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Calculate the price elasticity of supply using the mid point formula when the price changes from 5 to 6 and the quantity supplied changes from 20 units per supplier per week to 30 units per supplier per week.
Price elasticity of supply formula examples. Example 2 using the midpoint formula now let s take a look at another example. Price elasticity of supply qs qs p p further the formula for price elasticity of supply can be elaborated to. In this example we will use the modified midpoint formula to calculate the supply price elasticity when the price change from 10 to 12.
Price elasticity of supply q1s q0s q1s q0s p1 p0 p1 p0 where q 0s initial quantity supplied q 1s final quantity supplied p 0 initial price and p 1 final price. Therefore the fruit drinks supply exhibits inelastic supply characteristics. Percentage change in price.
Price elasticity of supply s1 s0 s1 s0 p1 p0 p1 p0 price elasticity of supply 180 000 200 000 180 000 200 000 3 4 3 4 price elasticity of supply 0 37.
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