Эрэлт, нийлүүлэлтийн мэдрэмж /орлогын мэдрэмж, солбисон …
Because 67% > 29%, price elasticity of supply is greater than one. When the price rises from $12 to $15 (22%), quantity rises from 500 to 525 (about 5%), so price elasticity of supply is less than one. The way I like to explain this is as follows: When output is very low, it is relatively easy for firms to increase output.