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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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