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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What is the price elasticity of supply? Can you explain it in your own words?

To determine

Define price elasticity of supply in your own words.

Explanation

Price elasticity of supply : The degree of responsiveness to change in quantity supplied due to change in its price. The formula for calculating price elasticity of supply is as follows:

e = ΔQΔP×PQ

Where, ΔQ and ΔP refers to the change in quantity supply and change in price respectively

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