explain degrees of price elasticity of supply.
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The law of supply indicates the direction of change—if price goes up, supply will increase. ... Elasticity of supply measures the degree of responsiveness of quantity supplied to a change in own price of the commodity. It is also defined as the percentage change in quantity supplied divided by percentage change in price.
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The law of supply indicates the direction of change—if price goes up, supply will increase. ... Elasticity of supply measures the degree of responsiveness of quantity supplied to a change in own price of the commodity. It is also defined as the percentage change in quantity supplied divided by percentage change in price.
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