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Expenditure and Elasticity

Which of the ...

Question

Which of the following refers to a percentage change in the quantity supplied of a commodity in response to a percentage change in its price?

A

Income elasticity of supply

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B

Cross elasticity of supply

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C

Price elasticity of supply

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D

Time elasticity of supply

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Solution

The correct option is C
Price elasticity of supply

Price elasticity of supply refers to a percentage change in the quantity supplied of a commodity in response to the percentage change in its price.

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Price elasticity of supply measures the change in quantity supplied in response to a change in own price of the commodity.

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