At a price of $200, a cellphone company manufactures 300,000 units

Economics Jan 19, 2021

At a price of $200, a cellphone company manufactures 300,000 units. At a price of $150, the company produces 200,000 phones. What is the price elasticity of supply? Is it elastic or inelastic?

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{Section title='Price Elasticity' !!!Price Elasticity: Price elasticity measures how the quantity demanded or the quantity supplied will respond to a change in price. Elasticity can be described as the following: elastic (very responsive), unitary elastic or inelastic (not very responsive).

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