Question

Explain measurement of elasticity of supply

Answer 1

To quantify such change we require the concept of elasticity of supply thatmeasures the extent of quantities supplied in response to a change in price. Elasticity of supply measures the degree of responsiveness of quantity supplied to a change in own price of the commodity. Responsiveness of producers to changes in the price of their goods or services. As a general rule, if prices rise so does the supply. Elasticity of supply is measured as the ratio of proportionate change in the quantity supplied to the proportionate change in price. ... Also called price elasticity of supply.A shift in price does not drastically impact consumer demand or the overall supply of the good because it is not something people are able or willing to go without. Examples of inelastic goods would be water, gasoline, housing, and food. Elastic goods are usually viewed as luxury items . hope it's help you
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Answer 2

the concept of elasticity of supply that measures the extent of quantities supplied in response to a change in price elasticity of supply measure s degrees of responsiveness of quantity supplied to a change in own price of the commodity