Belikin beer has lost customers to Presidente because of its lower price. Before Presidente beer entered Belize’s market, Bowen and Bowen sold Belikin beer for $3.75 and the quantity supplied was fifty thousand (50,000) bottles of beer a month. One year after Presidente entered the market, the price fell to $3.25, and the quantity supplied fell to forty-five thousand (45,000) beer bottles. a. Calculate Price Elasticity of Supply. b. Is supply price elastic or inelastic? How do you know? c. Sketch the supply curve for Belikin beer. Briefly discuss its slope.

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