Advertisement Remove all ads

Elasticity of Supply - Economics

Advertisement Remove all ads
Advertisement Remove all ads
Advertisement Remove all ads

Elasticity of supply

Advertisement Remove all ads

Solution

Responsiveness of producers to changes in the price of their goods or services. As a general rule, if prices rise so does the supplyElasticity of supply is measured as the ratio of proportionate change in the quantity supplied to the proportionate change in price. High elasticity indicates the supplyis sensitive to changes in prices, low elasticity indicates little sensitivity to price changes, and no elasticity means no relationship with price.

Concept: Concept of Supply
  Is there an error in this question or solution?

APPEARS IN

Video TutorialsVIEW ALL [2]

Advertisement Remove all ads
Share
Notifications

View all notifications


      Forgot password?
View in app×