A firm estimates that the price elasticity of supply of its product is 0.4.
Should the firm be concerned by this figure?
1 )
No, as it implies that the firm will be able to raise revenue by raising price.
2 )
No, as it suggests there are few substitutes for the product.
Yes, as it indicates that the firm is not able to adjust supply easily when demand changes.
4 )
Yes, as it means that demand for its product is increasing at a slow rate.
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