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Determinants of Elasticity of Supply

What is high ...

Question

What is high elasticity?

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Solution

A high elasticity occurs when the change of the price changes the quantity demanded of goods and services. The change in quantity demanded is proportional to the change in price. A high elasticity has a value greater than 1.

Also see:

Price Elasticity of Demand Formula

Cross Price Elasticity of Demand Formula

Price Elasticity of Supply Formula

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