Answer :
Supply is said to be more elastic when the quantity supplied is very responsive to changes in price.
What is Price elasticity?
- The quantity demanded of a good or service divided by the percentage change in price is the price elasticity of demand.
- The percentage change in quantity supplied divided by the percentage change in price represents the price elasticity of supply.
- Perfectly elastic, elastic, perfectly inelastic, inelastic, and unitary are the five major categories into which elasticities can be effectively categorised.
- Price elasticity quantifies how responsively a good's supply and demand are to changes in price. It is calculated by dividing the percentage change in quantity provided (or required) by the percentage change in price.
- Price elasticity of demand is a measurement of the change in consumption of a product in relation to a change in its price.
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