Definition Elasticity of Supply. Description.
Elasticity of Supply is the responsiveness of the quantity
supplied of a good to a given change in price (Compare:
Bullwhip Effect).
The (price) elasticity of supply can be calculated as the
percentage change in supply that occurs in response to a percentage change
in price. For example, if, in response to a 15% rise in the price of a good,
the quantity supplied increases by 30%, the price elasticity of supply would
be 30% / 15% = 3.
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