JAMB - Economics (2011 - No. 39)
From that table above, the price elasticity of supply is
4
25
1
2
Wyjaśnienie
From the diagram above, when price was N1, the quantity supplied was 60 and when the price rose to N2, the quantity supplied increased to 120 units. That means price elasticity of supply is elastic. Meaning a change in price will lead to a change in the quantity the supplier is willing to supply.
price elasticity of supply = 2 - 1 = 1