Question

8
Define elasticity of supply.
​

Answer 1

Explanation:

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.

hope it will help you

Answer 2

Answer:

Price elasticity of supply measures the responsiveness to the supply of a good or service after a change in its market price. ... Overall, price elasticity measures how much the supply or demand of a product changes based on a given change in price. Elastic means the product is considered sensitive to price changes.

Supply elasticity is a measure of the responsiveness of an industry or a producer to changes in demand for its product. The availability of critical resources, technology innovation, and the number of competitors producing a product or service also are factors.