Like demand -...

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Like demand, supply also has varying degrees of responsiveness to price, which we  refer to as price elasticity of supply, or the elasticity of supply. An inelastic supplier (one  with a steeper supply curve) will always supply the same amount of goods, regardless of  the price, and an elastic supplier (one with a flatter supply curve) will change quantity  supplied in response to changes in price.  How Is Elasticity Measured?  As we have noted, elasticity can be roughly compared by looking at the relative  steepness or flatness of a supply or demand curve. Thus, it makes sense that the  formula for calculating elasticity is similar to the formula used for calculating slope.  Instead of relating the actual prices and quantities of goods, however, elasticity shows  the relationship between  changes  in price and quantity. To calculate the coefficient for 
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