The degree to which producers or providers of a good or service are able or willing to change the supply of what they provide in response to changes in price. High elasticity of supply means that as prices rise for a product, more of that product will be made available to maximize profit based on increased demand.
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Price elasticity of supply (PES or Es) is a measure used in economics to show the responsiveness, or elasticity, of the quantity supplied of a good or service to a ...
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Jan 9, 2009 ... Elasticity of Supply What is it and how is it measured?