What is meant by Price Elasticity of Supply? Give the formula for measuring it.
Price Elasticity of Supply is a percentage change in quantity supplied in response to percentage change in price of the commodity.
${{E}_{s}}$ = Percentage change in Quantity supplied / Percentage change in price
Or
∆Q / ∆P x P/Q
Here, P = Initial price, ∆P=Change in price Q=Initial quantity,
∆Q=Change in quantity supplied