Question
13. How much is the price elasticity of supply if the supply curve is vertical?

14. Consider the demand for good E. If the number of substitutes for good E decreases, will the demand become more elastic?

15. Refer to the accompanying table, calculate the price elasticity of demand for erasers if the price of erasers decreases from \$2.5 to \$1 using the midpoint method.
Price of Erasers Quantity Demanded Quantity Demanded
of Erasers of Pencils

\$.50   10   12
\$1.00 8   11
\$1.50 7   10
\$2.00 6 9
\$2.50 5 8

16. Consider the following table. Suppose quantity supplied increases by 30 for every price level. Find the new equilibrium price.
Price Quantity    Quantity
Demanded Supplied

\$10.00 10   100
\$8.00 20    80
\$6.00 30    60
\$4.00 40    40
\$2.00 50 20
\$0.00 60 0

As per HOMEWORKLIB RULES in case of multiple questions only the first question is to be answered

Kindly ask rest of the questions in a separate post

13.

Price elasticity of supply refers to the degree of responsiveness of change in quantity supplied of a good due to change in the price of a good.

A vertical supply curve represents a perfectly inelastic supply curve, which means any change in price will have 0 impact on the quantity supplied of the good.

This means price elasticity of supply would be 0

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