Suppose that the price of product X rises by 20 percent and the quantity supplied of X increases by 15 percent. The coefficient of price elasticity of supply for good X is?

Answer 1

i took this class last semester and if i remember correctly the equation for this was

PES = percent change in quanitiy supplied/ percent change in price

so what we have here is 0.15/0.20 = a coefficent of 0.75 which the supply is inelastic

hope i helped and if this was correct