Question

Percent change in quantity supplied with respect to a percent change in the price of the product.

a. Elasticity of demand
b. Elasticity of income
c. Elasticity of marginality
d. Elasticity of supply

Answer 1

The subject of this question is Price Elasticity of Supply, which measures the responsiveness of the quantity supplied of a good to a change in its price.

Step-by-step explanation:

The subject of this question is Price Elasticity of Supply, which measures the responsiveness of the quantity supplied of a good to a change in its price.

The formula to calculate the price elasticity of supply is the percentage change in quantity supplied divided by the percentage change in price.

The correct answer to the given question is d. Elasticity of supply.