U.S. coal production in 2016 is 17 percent down on that of 2015. Almost all coal use
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U.S. coal production in 2016 is 17 percent down on that of 2015. Almost all coal use in the United States is for electricity generation and the price of coal for power plants fell from $2.27 per million Btu in 2015 to $2.17 per million Btu in 2016. Calculate the price elasticity of supply of coal assuming no change in the supply of coal. Is the supply of coal elastic or inelastic?
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The price elasticity of supply ES is calculated using the following f...View the full answer
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