Elasticity of supply
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- Elasticity of Supply Overview:
- Elasticity of Supply
- Ratio of change in quantities supplied and change in price
- Formula for Elasticity of Supply
- Types of Supply Curve
- Perfectly Inelastic
- Unit Elastic
- Perfectly Elastic
- Factors which Influences Elasticity of Supply
- Resource Substitution
- Time Period for Supply
- 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.
- 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)
- Which of the following supply curves accurately represents monetary supply for fruits and vegetables? Explain.
- Which of the following supply curves accurately represents long-run supply for fruits and vegetables? Explain.