1) Define Price elasticity of supply.
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2) Explain why the price elasticity of supply for cashew nut is inelastic [4]
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Price elasticity of supply is the topic of 11 commerce.
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1) The price elasticity of supply is a measure used in economics to show the responsiveness, or elasticity, of the quantity supplied of a good or service to a change in its price.
2) Usually if the price increases, the firm would like to supply more. The good becomes more profitable. Therefore supply is price inelastic.
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