Scenario 5-3 Suppose that the supply of aged cheddar cheese is inelastic, and the supply of bread is elastic. Both goods are considered to be normal goods by a majority of consumers. Suppose that a large income tax increase decreases the demand for both goods by 10%. Refer to Scenario 5-3. The price elasticity of supply for bread could be

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23-02-2022
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Scenario 5-3 Suppose that the supply of aged cheddar cheese is inelastic, and the supply of bread is elastic. Both goods are considered to be normal goods by a majority of consumers. Suppose that a large income tax increase decreases the demand for both goods by 10%. Refer to Scenario 5-3. The price elasticity of supply for bread could be

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ewomazinoade ewomazinoade · Answer 1 · 2022-03-08T11:14:32+01:00

The price elasticity of supply for bread could be 1.5.

What is the price elasticity of supply?

The price elasticity of supply measures how the quantity supplied changes when there is a change in the price of a good.

The price elasticity of supply = percentage change in the quantity supplied / percentage change in price

When the price elasticity of supply is elastic, the absolute value of elasticity is greater than one. When the price elasticity of supply is inelastic, the absolute value of elasticity is less than one.

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