1. The formula for the elasticity of supply is
The percentage change in quantity supplied divided by the percentage change in income.
The percentage change in price divided by the percentage change in quantity demanded.
The percentage change in price divided by the percentage change in quantity supplied.
The percentage change in quantity supplied divided by the percentage change in price.
2. Utility refers to the
Willingness to buy specific quantities of a good or service at a particular price.
Satisfaction obtained from a good or service.
Additional satisfaction obtained from one more unit of a good or service.
Decrease in satisfaction as more of a good or service is consumed.