Price Elasticity of Supply
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Last updated 2:05 AM on 1/13/23
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13 Terms
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Price Elasticity of Supply
The measure of how responsive the quantity supplied is to changes in price
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Price Elasticity of Supply Formula
% change in quantity supplied/% change in price
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Elasticity >1
Supply is elastic
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Elasticity <1
Supply is inelastic
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Elasticity=0
Supply is perfectly inelastic
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Elasticity= infinity
Supply is perfectly elastic
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Inelastic supply curve
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Elastic supply curve
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Perfectly inelastic supply curve
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Perfectly elastic supply curve
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What are the determinants of price elasticity of supply?
Price of all alternative inputs, time
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Price of all alternative inputs
If a firm find it’s easy to find alternative inputs in their production, supply would be more elastic
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Time
The longer producers have to adjust price changes the more elastic supply is