What is the actual definition of Price Elasticity of Supply?

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Oceancity
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#1
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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keynes24
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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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amelienine
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First one, but I find just writing out the formula saves a lot of time
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Jim Riley
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Price elasticity of supply explained here:

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

Jim
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