A higher price elasticity denotes that the producers and sellers of specific goods are highly sensitive to even the slightest changes or price. The elasticity is represented in numerical form and is defined as the percentage change in the quantity supplied divided by the percentage change in price.
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The price elasticity of supply PES or E s is a measure used in economics to show the responsiveness or elasticity of the quantity supplied of a good or service to a change in its price.
. Price Elasticity of Supply Price Elasticity Of Supply Price elasticity of supply is a measure to identify how the supply of a particular product and service reacts with the change in the price.
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