Find the elasticity of supply for the supply function x = 2p2 + 5 when

1.	Find the elasticity of supply for the supply function x = 2p2 + 5 when p = 3
Answer» x = 2p² + 5 \(\frac{dx}{dp}\) = 2 x 2p + 0 = 4p Elasticity of supply: ηs = \(\frac{p}{x}.\frac{dx}{dp}\) = \(\frac{p}{2p^2+5}\) x 4p = \(\frac{4p^2}{2p^2+5}\) When p = 3, elasticity of supply, ηs = \(\frac{4\times3^2}{2(3)^2+5}\) = \(\frac{4\times9}{18+5}\) = \(\frac{36}{23}\)

Find the elasticity of supply for the supply function x = 2p2 + 5 when p = 3

Answer»

x = 2p² + 5

\(\frac{dx}{dp}\) = 2 x 2p + 0 = 4p

Elasticity of supply: ηs = \(\frac{p}{x}.\frac{dx}{dp}\)

= \(\frac{p}{2p^2+5}\) x 4p

= \(\frac{4p^2}{2p^2+5}\)

When p = 3, elasticity of supply, ηs = \(\frac{4\times3^2}{2(3)^2+5}\)

= \(\frac{4\times9}{18+5}\)

= \(\frac{36}{23}\)