In November 2024
Answer to Question #319597 in Microeconomics for Ta.nii
The quantity of coal supplied changes from 45 000 tons a month to 50 000 tons a month when the price changes from R1 500 to R1 600. Based on this information, which of the following statements are correct?
a.
The percentage change in the quantity of coal supplied is larger than the percentage change in the price of coal.
b.
The percentage change in the quantity of coal supplied is smaller than the percentage change in the price of coal.
c.
The supply of coal is price elastic.
d.
The supply of coal is not price elastic.
d) The supply of coal is not price elastic.
This is because the percentage change in supply is less than the percentage change in price.
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