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Calculate both arc and point elasticities of commodity

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Reference no: EM131099968

a) Define elasticity of supply and briefly explain any five factors that influence the elasticity of supply.

b) Explain why elasticity of supply for agricultural commodities is low.

c) The demand for a commodity is twenty units when the prevailing market price equals eighty shillings per unit. However, when the price per unit rises to one hundred shillings, the quantity demanded rises to thirty units.

Required: Calculate both arc and point elasticities of this commodity?

Reference no: EM131099968

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