Meaning of PRICE ELASTICITY OF SUPPLY | Geometric Method of Price Elasticity of Supply

Описание: In this video learn the Meaning of PRICE ELASTICITY OF SUPPLY and Geometric Method of Price Elasticity of Supply.
Price elasticity of supply is the degree of responsiveness of supply of a commodity to a change in its price. It measures responsiveness of quantify supplied of a product to change in its own price. Thus, it measures the extent to which supply responds to change in price of the commodity.
Price elasticity of supply measures the degree of extension and contraction of supply in response to a given change in own price of the commodity.

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