If the price elasticity of supply is 2 and the quantity supplied decreases by 6%, then the price must have decreased by 3%.

Name: If the price elasticity of supply is 2 and the quantity supplied decreases by 6%, then the price must have decreased by 3%.
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Quizplus · Accepted Answer

Price elasticity of supply is calculated as the percentage change in quantity supplied divided by the percentage change in price. If the elasticity is 2 and the quantity supplied decreases by 6%, the price must have decreased by 3% (6% / 2 = 3%).

If the Price Elasticity of Supply Is 2 and the Quantity