Elasticity of supply

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Intros
Lessons
  1. Elasticity of Supply Overview:
  2. Elasticity of Supply
    • Ratio of change in quantities supplied and change in price
    • Formula for Elasticity of Supply
  3. Types of Supply Curve
    • Perfectly Inelastic
    • Unit Elastic
    • Perfectly Elastic
  4. Factors which Influences Elasticity of Supply
    • Resource Substitution
    • Time Period for Supply
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Examples
Lessons
  1. Understanding Supply Elasticity of Supply
    Suppose the percentage change in quantity supplied is 0% when the price increases. What is the elasticity of supply? Draw a supply curve that accurately represents this elasticity of supply.
    1. Using the information in the table, find the elasticity of supply when the price rises from $50 to $60. Is it inelastic, or elastic? Does the supply curve intersect the origin?

      Price (dollars per bar chocolate bar)

      Quantity supplied (Chocolate Bars)

      30

      20

      40

      25

      50

      30

      60

      35

      70

      40

      1. Which of the following supply curves accurately represents monetary supply for fruits and vegetables? Explain.
        Supply curve examples
        1. Which of the following supply curves accurately represents long-run supply for fruits and vegetables? Explain.
          Supply curve examples