Elasticity of supply ?
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Posted by Cbse Student 6 years, 11 months ago
- 2 answers
Yogita Ingle 6 years, 11 months ago
The elasticity of supply establishes a quantitative relationship between the supply of a commodity and it’s price. Hence, we can express the numeral change in supply with the change in the price of a commodity using the concept of elasticity. Note that elasticity can also be calculated with respect to the other determinants of supply.
However, the major factor controlling the supply of a commodity is its price. Therefore, we generally talk about the price elasticity of supply. The price elasticity of supply is the ratio of the percentage change in the price to the percentage change in quantity supplied of a commodity.
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Cbse Student 6 years, 11 months ago
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