5 Questions
What is the percent change in the supply of a good relative to?
the percent change in market price
What is elasticity of supply a measure of?
the responsiveness of quantity supplied to changes in price
What is being measured in the elasticity of supply?
the responsiveness of quantity supplied to price changes
What is price elasticity of supply an example of?
a measure of firm behavior
What is the formula to calculate the percent change in the supply of a good?
(ΔQ / Q) / (ΔP / P)
Test your understanding of elasticity of supply, a fundamental concept in economics. Learn how to calculate the percentage change in supply and its relation to the price change. Practice with this quiz and improve your economics skills.
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