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Question
What is the price elasticity of supply with examples?
What is the price elasticity of supply with examples?
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Solution
A price elasticity of supply that is greater than 1 is relatively elastic, where the quantity provided changes by a bigger rate than the price change. An example would be an item that is not difficult to make and circulate, like a Cosco ball, fidget spinners, luxury items.
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A price elasticity of supply that is greater than 1 is relatively elastic, where the quantity provided changes by a bigger rate than the price change. An example would be an item that is not difficult to make and circulate, like a Cosco ball, fidget spinners, luxury items.
Also see:
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