Question on: JAMB Economics - 2012

The cost elasticity of supply is not a standard economic concept. The question likely intends to ask about the **price elasticity of supply**. This measures the responsiveness of the quantity supplied of a good or service to a change in its price. * **Price Elasticity of Supply:** This is a measure of how much the quantity supplied of a good or service changes in response to a change in its price. * **Cost of Production:** Related to supply but not directly measured by elasticity. * **Profit, Productivity, and National Income** are not what elasticity of supply measures. * **Price index** is not relevant to supply elasticity.