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When the price of wheat was Rs. 500 per quintal, a producer supplies 10 quintals but when price rises to Rs. 550 per quintal,

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When the price of wheat was Rs. 500 per quintal, a producer supplies 10 quintals but when price rises to Rs. 550 per quintal, he supplies 12 quintals of wheat. Determine price elasticity of supply.

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Best answer

es = P / S x ∆ s / ∆ p 

 = 500 / 10 x 2 / 50 

Thus, es = 2

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