Is It Possible to Calculate the Numerical Value of the Price

question 33

Multiple Choice

Is it possible to calculate the numerical value of the price elasticity of supply for an item if all you are told is that a $1 rise in price leads to an increase in quantity supplied of 10 units?

• A)Yes, the value of the price elasticity of supply is 10.
• B)Yes, the value of the price elasticity of supply is 0.1.
• C)No, but one can calculate this value if given the initial values for both price and quantity supplied.
• D)No, but one can calculate this value if given the final values for both price and quantity supplied.
• E)No, but one can calculate this value if given the initial and final values for both price and quantity supplied.

---

Definitions:

Hormones

Chemical messengers produced by glands in the endocrine system that regulate various bodily functions and processes.

Neurotransmitters

Chemical messengers that transmit signals across a chemical synapse, from one neuron (nerve cell) to another target neuron, muscle cell, or gland cell.

Hypothalamus

A region of the brain that regulates various bodily functions including hunger, thirst, sleep, and hormonal secretions.

Testosterone

A steroid hormone primarily produced in the male testes and female ovaries, associated with the development of secondary sexual characteristics and influencing behavior.