Propose a stepwise synthesis for the following conversion. 
Definitions:
Elasticity of Market Supply
The degree to which the quantity supplied of a good changes in response to a change in price.
Output Expansion
The increase in the production of goods and services in an economy or by a firm, often as a result of increased demand or improved production capabilities.
Period Lengthened
The extension of time allocated for a particular activity, phase, or process.
Price-taker Market
A market in which individual sellers cannot influence the market price and must accept the prevailing market price for their goods or services.
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