Economy, asked by arbinkhan001, 3 months ago

give the meaning of price elasticity of supply and write its formula​

Answers

Answered by ramanpreetkaur105
4

Answer:

Meaning

Price elasticity of supply is a measurement of percentage change in quantity supplied in response to some percentage change in the own price of the commodity.

or

Easticity of supply is the ratio between 'percentage change in quantity supplied' and 'percentage change in price' of the commodity

Formula

Percentage change in quantity supplied/Percentage change in price

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