Economics (AS & A Level) · Oct / Nov 2023 · Paper 11 · Question 9

The supply, S, of a product is determined by the equation S = 10 + 10P where P is the price of the product in $. What is the product's price elasticity of supply when its price rises from $1 to $2?

1. A0.5
2. B1.0
3. C2.0
4. D5.0

As printed in the paper