The motion that neurosurgeons are better with nerve while orthopedist is better with bone does not apply anymore. Orthopedic spine surgeons learned how to handle nerves and neurosurgeons specializing in spine learned how to handle drill and screw driver. There is another reason for picking specialist over generalist.
Why does quantity supplied increase when price increases? A: The quantity of a particular good supplied in a market increases as price goes up because suppliers have an increased interest in producing goods to generate higher amounts of revenue. This is a basic principle of the law of supply and demand. Continue Reading.
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.