True, the fundamental determinant of the elasticity of supply is how quickly per unit costs increase with an increase in production. the fundamental determinant of the elasticity of supply is how quickly per unit costs increase with an increase in production.
How would you define elasticity?
Elasticity is a term used in economics to describe how much one economic variable changes in reaction to a change in another. If a product's price elasticity of demand is negative two, a 10% rise in price results in a 20% decrease in demand.
What are some examples of elasticity?
When anything is stretched or squeezed, it can regain its original shape thanks to its elastic properties. A rubber, for instance, may quickly restore its form after being stretched out significantly.
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