(a)[8]
Explain how elastic, inelastic and fixed supply differ.
(b)[12]
Discuss whether the elasticity of supply of manufactured goods is likely to be greater than the elasticity of supply of agricultural goods.
Economics 9708 · AS & A Level · Price elasticity of supply
Price elasticity of supply — practice question
Worked solution & mark scheme
This 20-mark question has a full step-by-step worked solution and mark scheme. One marking point: “Recall of the definition and formula (elasticity of supply measures responsiveness of quantity supplied to changes in price and is measured by the elasticity formula)” …
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