Elasticity of supply
All You Need in One PlaceEverything you need for better marks in primary, GCSE, and A-level classes. | Learn with ConfidenceWe’ve mastered the UK’s national curriculum so you can study with confidence. | Instant and Unlimited Help24/7 access to the best tips, walkthroughs, and practice questions. |
Make math click 🤔 and get better grades! 💯Join for Free
Intros
Lessons
- 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
Examples
Lessons
- 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)
30
20
40
25
50
30
60
35
70
40
- 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.