The supply function for good X is represented by QS = 10PX, where PX denotes the good’s price and QS represents the quantity supplied. What conclusion can be drawn from this equation about the elasticity of supply of good X?
- AIt is equal to 0.0.
- BIt is equal to 0.1.
- CIt is equal to 1.0.
- DIt is equal to 10.0.