SELECT * FROM question_mgmt as q WHERE id=5570 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=60 AND chapterId=611 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED)

Question:

The market price of a good changes from Rs 5 to Rs 20. As a result, the quantity supplied by a firm increases by 15 units. The price elasticity of the firm’s supply curve is 0.5. Find the initial and final output levels of the firm.

Answer:

Elasticity of supply ex = 0.5
Initial price, P1 = Rs 5
Final price, P2 =Rs 20
∆P = P2 – P1
= 20 – 5
∆P = 15
∆Q = 15
es =
0.5 =
0.5 =
Q1 =
Initial quantity = 10 units
Final quantity, Q2 = ∆Q + Q1
= 15 + 10
Therefore, Q2 = 25 units


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