"The price elasticity of supply for umbrellas is 2. Suppose you're told that following a price increase, quantity supplied increased by 30 percent. What was the percentage change in price that brought this about?"

15%

Explanation:

Price elasticity of supply is the responsiveness of proportionate change in quantity supplied due to proportionate change in price.

It is given by the following formula:

Price elasticity of suppl = % change in quantity supplied / % change in price

2 = 30% / % change in price

% change in price = 30% / 2

                              = 15%

Price increased by 15% that induced an increase in quantity supplied by 30%.

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