ECONOMICS
SUPPLY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
supply curve
|
|
|
supply elasticity
|
|
|
supply
|
|
|
subsidy
|
Detailed explanation-1: -Price elasticity measures the responsiveness of the quantity demanded or supplied of a good to a change in its price. It is computed as the percentage change in quantity demanded-or supplied-divided by the percentage change in price.
Detailed explanation-2: -The price elasticity of supply measures how much the quantity supplied responds to changes in the price.
Detailed explanation-3: -The price elasticity of supply measures the responsiveness of quantity supplied to changes in price. It is the percentage change in quantity supplied divided by the percentage change in price.
Detailed explanation-4: -Price elasticity of supply (PES) measures the responsiveness of quantity supplied to a change in price. It is necessary for a firm to know how quickly, and effectively, it can respond to changing market conditions, especially to price changes. The following equation can be used to calculate PES.
Detailed explanation-5: -Price elasticity of supply is said to be elastic when the value is 1.