Elasticity of supply refers to the degree of responsiveness of supply of a good to changes in its.

Demand

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Price

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Cost of production

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State of technology

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Solution

The correct option is B Price
Elasticity of supply measures the degree of responsiveness of quantity supplied to a change in own price of the commodity. It is also defined as the percentage change in quantity supplied divided by percentage change in price

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The price of goods changes from 10 to 20 and the quantity supplied changes from 100 to 150. What is the elasticity of supply?

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