What is elasticity of supply
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Posted by Preet Dhillion 6 years, 11 months ago
- 2 answers
Yogita Ingle 6 years, 11 months ago
We have been studying the impact of price on supply. However, all these definitions have been qualitative. With this in mind, the price elasticity of supply came into existence. The price elasticity of supply tackles the quantitative side of the price and supply relationship.
It refers to the degree of responsiveness of supply of a commodity with reference to change in the price of such commodity. Note that the price elasticity of supply is always positive. This happens because of the positive or direct relationship between price and supply, unlike demand.
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Joya Chatterjee 6 years, 11 months ago
1Thank You