define elasticity of supply explain its various type diagrammatically?
Answers
Answered by
1
Answer:
The concept of elasticity of supply is a parallel concept to the concept of elasticity of demand. It may be defined as the responsiveness of the seller to change in the price of the commodity. It points out reactions of the sellers to a particular change in the price of the commodity.
Answered by
2
Explanation:
The law of supply states that there is a direct relationship between the quantity supplied and the price of a commodity. To point out, this is a very qualitative statement. However, markets for different commodities differ in ways we can’t even imagine. Interestingly, the concept of elasticity of supply handles all this with ease.
*I hope it will help you*
Attachments:
Similar questions