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: