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    Question

    Commodity X and Y have an equal price elasticity of supply. The supply of X rises from 400 units to 500 units due to a 20 percent rise in its price. Calculate the percentage change in the supply of Y if its price falls by 8%.

    A Y will rise by 5% Correct Answer Incorrect Answer
    B Y will fall by 20% Correct Answer Incorrect Answer
    C Y will not change Correct Answer Incorrect Answer
    D Y will fall by 9.5% Correct Answer Incorrect Answer
    E Y will fall by 10% Correct Answer Incorrect Answer

    Solution

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