Elasticity of Supply:
Price elasticity of demand measures the
degree of responsiveness of demand for
a product due to a change in the price of that product.
There are five degrees of price
elasticity of supply.
determinants/factors which determine
the degree of price elasticity of supply are as under.
Elasticity of supply can be measured on the very same lines as we measured
the elasticity of demand. Elasticity of supply can either be equal to unity or
greater than unity or less than unity.