PLEASE help (re: simple supply schedule)?

Question

P = 40, q = 10 at equilibrium
At equilibrium, price elasticity of supply = 2.0

Use the price elasticity and market equilbrium to find the supply schedule q = a + p(change in q/change in p).

How in the world do you go about doing this?

Answer 1

You first need to understand what the price elasticity of supply is. It is a measure of the responsiveness of the quantity supplied of a good to its price, measured by the % change in supply that occurs in response to a % change in price.

For example, using the figures stated in your question and assuming we sold pens for left handed people.
At equilibrium, we are selling 10 pens for $40 each. If in response to a 10% rise in the price of the pens (to $44), the quantity supplied increases by 20% (12), the price elasticity of supply would be 20%/10% = 2.

Hence your schedule. This should be a start.

Answer 2

I wouldn't.

This is the kind of thing that puts me off theoretical economics.