“Elasticity of supply” sounds familiar even to a person who has never studied economics. It's just a very common term.

1. Transtutors: Are you really a whiz at Elasticity of Supply?
“Elasticity of supply” sounds familiar even to a person who has never studied economics.
It's just a very common term. Everybody knows that Elasticity measures the extent to
which quantity demanded/supplied of a commodity get affected by change in their
determinants like price of the commodity, income of the consumer, price of related goods
etc. and that Elasticity of Supply is the degree of responsiveness of the quantity supplied in
the market to a change in price of same commodity or price of other goods. Particularly for
students pursuing studies in economics, it is one of those terms that are always on their
tips. But, wait before you are over confident. Sometimes the simplest things create
confusion in exams. So, are you really a whiz at Elasticity of Supply?
While solving your economics problems in assignments and exams, you must have come
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