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Price Elasticity of Supply Micro Economics Ecoholics
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The price elasticity of supply is a measure of the degree of responsiveness of the quantity supplied to the change in the price of a given commodity. It is an important parameter in determining how the supply of a particular product is affected by fluctuations in its market price. It also gives an idea about the profit that could be made by selling that product at its price difference. • The price elasticity of supply refers to the response to a change in a good or service's price by the supply of that good or service. According to basic economic theory, the supply of goods decreases when its price increases. • Price Elasticity of Supply Formula • After having understood the elasticity of supply definition in economics, we now move to the elasticity of supply formula which is based on its definition. • ES=%ΔP%ΔQ • Ecoholics is the largest platform for economics. • • Download our app: http://ecoholics.in/mobile-app/ • • Visit our website for further information and resources: http://ecoholics.in/ • • To Subscribe for Courses - https://subscription.ecoholics.in/ • • Reach out to us on Whatsapp for further information: https://wa.me/917880107880 • If you’re preparing for competitive exams like UPSC IES, RBI DPER or UGC NET then Ecoholics is the one-stop destination for all your learning needs. Study economics the smart way and get an in-depth understanding of this dynamic subject with our holistic approach. Our team of expert faculties help you polish your knowledge and provides you with one-on-one mentorship and doubt-clearing sessions, so you leave no stone unturned when it comes to your preparation. By signing up with us, you can access our live classes, video lectures, test series and get the hard copy of study material delivered to your doorstep, so your preparation never hits a bump! • • Follow our social media handles to stay updated on all things economics. • • Follow Ecoholics on Twitter- / ecoholics_in • Follow Ecoholics Facebook Group - / 41907. . • Follow Ecoholics Facebook Page - / ecoholics8 • Follow Ecoholics on Instagram: / ecoholics.in • Follow Ecoholics on Telegram: https://t.me/ecoholicsbysanat • • Become a Member of Largest Community of Economics: https://ecoholics.in/become-a-member/ • #economics #priceelasticity #microeconomics #economic #economists #upsc #rbi #indianeconomicsservice #ias #iitjam #gateeconomics #ugcnet #ugc #jrf #economy #unionpublicservicecomission #ignou #dse #jnu #maentrance #pgentrance
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