Answer:
The answer is option D. the percentage change in quantity supplied divided by the percentage change in price.
Explanation:
Price elasticity of supply is the degree of responsiveness of quantity supplied to changes in price of that same commodity.
Price elasticity of supply can be elastic, inelastic, perfectly elastic, perfectly inelastic.
Price elasticity of supply can be calculated by the formula below:
%Δin Quantity supplied ÷ %Δin price
