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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.
The concept of point elasticity is applicable where change in price and the resulting change in quantity are infinite or small. Though, where change in price and consequent hunger
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