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elasticity of supply

   Also found in: Financial, Wikipedia 0.01 sec.

elasticity of supply

Measurement of the change in supply in response to a change in price.



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Differentiating, manipulating the resulting expression, and equating same to MRP (in order to satisfy the necessary condition for maximum profit), we obtain an expression that implies the firm's optimal wage is equal to the MRP of its optimal amount of labor multiplied by an expression equal to: the wage elasticity of supply at its optimal amount of labor divided by that elasticity plus 1.
Product and resource markets: points of symmetry by Weber, David W. / Academic Exchange Quarterly
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