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What is the price elasticity of supply?
Price elasticity of supply:
The price elasticity of supply is a measure of the receptiveness of the quantity of a good supplied to price of which good.
Price elasticity of supply = (% change in quantity supplies)/(% change in price)
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In 2007, based upon the Survey of Household Spending of 2005, Statistics Canada announced the following weights for the major spending categories tracked by the CPI.
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