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What is the formula for measuring the price elasticity of supply? Percentage change in quantity demanded/percentage change in income Percentage change in quantity supplied/percentage change in income Percentage change in quantity supplied/percentage change in price Percentage change in quantity demanded/percentage change in price b. Suppose the price of apples goes up from $23 to $24 a box. In direct response, Goldsboro Farms supplies 1,400 boxes of apples instead of 1,000 boxes. Compute the coefficient of price elasticity (midpoints approach) for Goldsboro’s supply. c) Is it supplies elastic, or is it inelastic?
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