Define price elasticity of supply state any 3 factors which influence elasticity of supply

Solution :-
Elasticity of supply, or price elasticity of supply, measures the responsiveness of the quantity supplied of a commodity to the change in its price. It assists us in knowing the magnitude of the change in supply due to the change in its price.
Algebraically it is calculated as, 
Es = Percentage change in Quantity Supplied / Percentage Change in Price

​​​​​​Factors which influence elasticity of supply are :-
1) Nature of good
Perishable goods = Less elastic
Durable goods = Elastic
Non durable = Higly elastic

2) Time period
Market period = Perfctly Elastic
Short period = Less Elastic
Long period = Highly Elastic

3) Technique of production
Labour intensive = Elastic
Capital intensive = Inelastic

4) Nature of input used
Common factors of production = Elastic
Specialised factors = Inelastic

5) Natural constraints and Cost of Product


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