Write the definition of r cis .

ECON 201 STUDY GUIDE FOR 2 TEST.nd Format: All multiple choices Contains: 1) Other Elasticities: Elasticity of Supply: The elasticity of supply measures the responsiveness of the quantity supplied to a change in the price of a good, when all other influences on selling plans remain the same. Calculating the Elasticity of Supply The elasticity of supply is calculated by using the formula: Determinants of Elasticity of Supply: The elasticity of supply depends on Resource substitution possibilities Time frame for supply decision Resource Substitution Possibilities The easier it is to substitute among the resources used to produce a good or service, the greater is its elasticity of supply. Time Frame for Supply Decision The more time th