This C tutorial explains how to use the #define preprocessor directive in the C language. In the C Programming Language, the #define directive allows the definition of macros within your source code. These macro definitions allow constant values to be declared for use throughout your code. Macro definitions are not variables and cannot be changed by your program code like variables.
Price Ceilings. If the price ceiling is above the market price, then there is no direct effect. If the price ceiling is set below the market price, then a shortage is created; the quantity demanded will exceed the quantity supplied. The shortage may be resolved in many ways.
So we have, when we had, based on the way we calculated it, it's 67% increase in price, we had a 46% increase in quantity supplied. So this is a 46% increase in quantity supplied. And so we could see it's going to be 40. Our elasticity of supply is going to be 46% over 67%. So it's going to be something less than 1. So that's going to be that divided by-- it's actually 0.6666 and it keeps going on forever-- gets us to 0.69. So this gives us an elasticity of supply of 0.69. And maybe I should say approximately 0.69, which tells us that we get a smaller percent. At least at this price point right over here, we get a smaller percent change in quantity supplied than our percent change in price.