What is elasticity of supply???

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It is the responsiveness of producers to changes in the price of their goods or services. As a general rule, if prices rise so does the supply.
The formula for elasticity of supply is:
Elasticity of Supply = (% change in quantity supplied) / (% change in price)
As demand for a good or product increases, the price will rise and the quantity supplied will increase in response. How fast it increases depends on the elasticity of supply.

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