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WEEK 6
ELASTICITY OF SUPPLY; EQUILIBRIUM OF DEMAND AND SUPPLY
Content
Equilibrium Price and Quantity
Sub-topic One: Elasticity of Supply
Just as it is with demand, there also exists what we called Elasticity of Supply. Elasticity of Supply is the degree of responsiveness of the supply of a commodity to changes in price. If a change in price causes more than a proportionate change in supply, then supply is elastic. But if a change in prices causes a less than a proportionate change in supply, then supply is inelastic.
We shall illustrate all of these graphically, just as the case with demand
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