Meaning Elasticity of supply
What does Elasticity of supply mean? Here you find 4 meanings of the word Elasticity of supply. You can also add a definition of Elasticity of supply yourself
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Elasticity of supplyThe degree of producers' responsiveness to price changes. Elasticity is measured as the percent change in quantity divided by the percent change in price. A large value (greater than 1) of elasti [..]
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Elasticity of supplyThe (price) elasticity of supply is the percentage change in the quantity supplied of a good or service divided by the percentage change in its (own) price.
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Elasticity of supplyThe percentage change in production in response to a 1% increase in the price. Because it takes time for producers to respond to higher prices, supply elasticities are smaller in the short term (withi [..]
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Elasticity of supplyThe degree of producers' responsiveness to price changes. Elasticity is measured as the percent change in quantity divided by the percent change in price. A large value (greater than 1) of elasti [..]
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