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Question
How is elasticity of supply different from supply of a commodity?
Distinguish Between
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Solution
| Sr. No. | Elasticity of Supply | Supply of a Commodity |
| 1. | Measures how much the quantity supplied changes with price. | Refers to the actual quantity of a good offered for sale. |
| 2. | It is a relative concept (ratio or responsiveness). | It is an absolute concept (specific quantity). |
| 3. | Percentage change in price and resulting change in supply. | Price of the good and other factors like cost, technology, etc. |
| 4. | The degree of responsiveness of supply to price changes. | The actual amount supplied at a given price. |
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