SELECT * FROM question_mgmt as q WHERE id=5562 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=60 AND chapterId=611 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED) CBSE Free NCERT Solution of 12th micro-economics The Theory of the Firm under Perfect Competition what does the price elasticity of supply mean how

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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