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Question:

What does the price elasticity of supply mean? How do we measure it?

Answer:

Price elasticity of supply (es ) is defined as the degree of the responsiveness of quantity supplied, to the change in the price of a good.
It is expressed as:
es =
=
=
Where,
∆Q = change in quantity supplied
∆P = change in price
P = initial price
Q = initial supply


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