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Question
What is meant by elasticity of supply?
Solution
The percentage change in quantity supplied that results from a percentage change in a commodity's price is known as the price elasticity of supply.
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RELATED QUESTIONS
Identify the degree of elasticity of supply from the following graph:
Explain any three factors affecting elasticity of supply.
Choose the correct term for the given definition.
The ratio between the percentage change in supply to a percentage change in price.
Which of the following statements are true?
The cost of production will increase if
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- The firm uses obsolete technology
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When there is no change in price, but quality supplied changes, it implies a situation of ______.
Using graphs, explain any four types of elasticity of supply.
Draw relatively elastic supply.
