Price elasticity supply measures the responsiveness of quantity supplied to

Price elasticity of supply measures the degree of responsiveness or sensitivity of the quantity supplied of a commodity to a change in the price of the commodity itself. In other words, it indicates how much the quantity supplied of a product changes in response to a change in its own price. This helps to determine the extent to which producers can increase or decrease the supply of a commodity in response to changes in its price in the market. Price elasticity of supply is important for businesses and policymakers to consider when making decisions related to pricing and production levels.