VCE Economics Practice Questions - VCE Economics (Units 3 & 4) Exam

A timber mill increases its market price by 15%, prompting its output supplied to expand by 30%. What is the Price Elasticity of Supply (PES)?

0.50 (inelastic supply) 1.50 (elastic supply) 1.00 (unit elastic supply) 2.00 (elastic supply)

2.00 (elastic supply)

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