Price Elasticity of Supply

The price elasticity of supply measures the degree of responsiveness in quantity supply due to a change in price assuming all other things to remain constant. It measures the rate at which the quantity supply will change whenever there is a change in price.
In other words, it indicates the ease with which supply can be altered.

Factors affecting PES are: The time taken to produce the good, nature of the good, possibility of storage, availability of stock, availability of raw materials, availability of spare capacity, the cost of producing the good as well as the time period.