The elasticity of demand for a product can be determined by analyzing the change in total revenue as a result of a change in price. Explain why this method can't be used to determine the elasticity of supply for a product.

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23-08-2022
Advanced Placement (AP)

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The elasticity of demand for a product can be determined by analyzing the change in total revenue as a result of a change in price. Explain why this method can't be used to determine the elasticity of supply for a product.

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Martebi Martebi · Answer 1 · 2022-08-24T16:41:47+02:00

The elasticity of demand for a product can be determined by analyzing the change in total revenue as a result of a change in price but this method can't be used to determine the elasticity of supply for a product because it tends to varies.

How is elasticity of demand determined?

Price Level is known to be one that is often used to known the price elasticity of demand and this is one that is often calculated by dividing the percentage of the change in the quantity demanded of a good or service by that of the percentage change in that of its price level.

Therefore, The elasticity of demand for a product can be determined by analyzing the change in total revenue as a result of a change in price but this method can't be used to determine the elasticity of supply for a product because it tends to varies.

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