InterviewSolution
Saved Bookmarks
InterviewSolution
| 1. |
Elasticity of supply refers to the degree of responsiveness of supply of a commodity to changes in its |
|
Answer» Price Elasticity of supply refers to the degree of responsiveness of supply of a commodity to changes in its Price. 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. |
|