Explain any two factors determing the elasticity of supply
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As with demand elasticity, the most important determinant of elasticity of supply is the availability of substitutes.
As a general rule, the more easily factors can be transferred from the production of one good to that of another, the greater the elasticity of supply.
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The elasticity of supply measures the percentage change in supply due to a change in another factor. ... There are several factors that affect the supply elasticity of a good or service, such as the availability of resources, innovation of technology and the amount of producers
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