The supply situation for rice in country X over a period as shown in the table below. Use the information in the table to answer the questions that follow. ...
Question 1 Report
The supply situation for rice in country X over a period as shown in the table below. Use the information in the table to answer the questions that follow.
| Period | Price ($) | Quantity supplied (bags) |
| December 2004 | 30 | 100 |
| January 2007 | 40 | 150 |
| April 2009 | 50 | 160 |
(a) Calculate the co-efficient of price elasticity of supply for rice between December 2004 and January 2007.
(b) Is the supply of rice elastic? Give a reason for your answer.
(c) State any three reasons which may cause an increase in the supply of rice,
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