What is the value of Elasticity of supply in case of Elastic supply?
When the percentage increase in the price of a good brings about, a larger percentage increase in the supply of a good then it is said as Elastic supply. In this case Es>1. An example would be a product that’s easy to make and distribute, such as a fidget spinner. The resources to make additional spinners are readily available and the total cost would be minimal to ramp production up or down.
