Question

The elasticity of supply is defined as the ________ change in quantity supplied divided by the _______ change in price.

Answer 1

The elasticity of supply is defined as the percentage change in quantity supplied divided by the percentage change in price. It is a measure in economics showing how responsive the quantity of a product or  service when changing the price. Hope this answers the question. Have a nice day.

Answer 2

Goods and services can be supplied, but elasticity can be reached in our supply.

What is elasticity of supply?

A good or service reaches elasticity of supply when the percentage change in the quantity of goods supplied exceeds the percentage change in the price of goods.

It is measured by how much a good response to price change.

Therefore, The elasticity of supply is defined as the percentage change in quantity supplied divided by the percentage change in price.

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