Consumer sensitivity to changes in price

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Reference no: EM131006480

Just as consumer sensitivity to changes in price and in the determinants of demand (DOD) may be measured through demand elasticities, producer sensitivity to changes in price and in the determinants of supply (DOS) may be measured through supply elasticities. The price elasticity of supply measures how:

responsive the quantity supplied of a good is to changes in market demand

responsive the price of a good is to changes in quantity supplied

responsive the quantity supplied of a good is to changes in its price

responsive the quantity supplied of a good is to changes in producer surplus

Reference no: EM131006480

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