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Price Elasticity of Supply
Price Elasticity of supply measures the degree of responsiveness of quantity supplied to changes in price. The co-efficient of the elasticity of supply may be stated as:
Es = Percentage change in the quantity supplied
Percentage change in price.
Mathematically, this can be written as:
Symbolically it is given by the formula Es =
Because of the positive relationship between price and quantity supplied, the price elasticity of supply ranges from zero to infinity.
Plot the demand schedule and draw the demand curve for the data given for Marijuana in the caseabove.
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