What does the price elasticity of supply mean? How do we measure it?
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What does the price elasticity of supply mean? How do we measure it?
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Price elasticity of supply (es) or PES is defined as the degree of the responsiveness of quantity supplied, to the change in price for a specific commodity. 

It is only expressed in numerical form as: 

Price elasticity of supply (es)

Es = Percentage change in quantity supplied / Percentage change in price. 

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