Question
What is the elasticity of supply? Discuss the important determinants of the elasticity of supply.
Answer :
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Elasticity of supply refers to the degree of responsiveness of the quantity supplied of a commodity to a change in its price, while other factors influencing supply remain constant. It measures how much the quantity supplied changes when the price changes. The concept was developed to understand the reaction of producers to changes in market prices. It can be expressed as the ratio of the percentage change in quantity supplied to the percentage change in price. Elasticity of supply can be represented as: Es = Percentage change in quantity supplied / Percentage change in price If the percentage change in quantity supplied is greater than the percentage change in price, supply is said to be elastic. If it is less, supply is inelastic. When the percentage changes are equal, supply
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