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    This may sound dumb, but does Price Elasticity of Supply:

    "Measure the responsiveness of supply to a change in price"

    or

    "Show the relationship between price and supply"

    The thing is, I'm unsure of whether it actually measure the responsiveness of supply to a change in price because supply does not always change with price - so would that definition be correct?

    Thanks
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    First one. 2nd one is not very accurate. You can also just do the formula for PES for a definition mark
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    First one, but I find just writing out the formula saves a lot of time
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    Price elasticity of supply explained here:

    http://www.tutor2u.net/economics/ref...vision-webinar

    Jim
 
 
 
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