What is Elasticity of Supply? Definition, Formula, Example, Determinants
Elasticity of supply is a measure of the degree of change in the quantity supplied of a product in response to a change in its price.
Types of Elasticity of Supply
Elasticity of supply is a measure of the degree of change in the quantity supplied of a product in response to a change in its price.
Elasticity of demand is a degree of change in the quantity demanded of a product in response to its determinants, such as the price of the product, price of substitutes, and income of consumers.
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