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  • Feb 1, 2011, 11:33 AM
    GailKT
    How do I solve this math problem? Thanks for your help
    Supply - Old ---- New - %Change
    Price - $12.00 - $14.00 - 16.7%
    Output - 7000 - 10000 - 42.9%

    Price elasticity of supply 2.57

    Question 1: What is Wheels on Meals elasticity of supply?
    Question 2: What # of meals is Wheels on Meals likely to sell at a price per meal of $14

    For question 1, I found the elasticity of demand was -0.86.
    For question 2, I'm lost :confused:

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