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elasticity of supply
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elasticity of supply


  economics:  the responsiveness of supply to price where a large drop in supply for a small decrease in price is considered elastic and a small drop in supply for a large increase in price is considered inelastic
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elasticity of supply supply elasticity
Strongly Associated with:   elasticity of demand
Notes:
Measured mathematically as the percentage change in the quantity of a product supplied, divided by the percentage change in the price. Elasticity is relative, but generally, if a 1% price increase results in less than a 1% increase in supply, the supply curve might be described as inelastic.
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Associated words [difficulty]:   elasticity of supply
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Most commonly used in these subjects:   Business, Personal Finance, Public Policy & Politics
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