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What is the price elasticity of supply of Picasso paintings

Chapter 5, Problem Questions for Review 5.9

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QUESTION:

What is the price elasticity of supply of Picasso paintings?

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QUESTION:

What is the price elasticity of supply of Picasso paintings?

ANSWER:

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The elasticity of supply also depends on whether the supply of goods can be increased or not. If the supply is fixed, then the good will have an inelastic demand. If the supply can be increased, then good will be having elastic demand.

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