Question 1

The supply situation for rice in country X over a period as shown in the table below. Use the information in the table to answer the questions that follow.
 

Period Price ($) Quantity supplied (bags)
December 2004 30 100
January 2007 40 150
April 2009 50 160

(a) Calculate the co-efficient of price elasticity of supply for rice between December 2004 and January 2007.
(b) Is the supply of rice elastic? Give a reason for your answer. 
(c) State any three reasons which may cause an increase in the supply of rice, 

 

Theory

Question details

Exam body
WAEC
Subject
Economics
Year
2011
Question no.
#1
Type
Theory

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