Elasticity of supply
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Elasticity of Supply. Elasticityof supply. How responsive is supply to a change in price? Will supply change a lot when prices change or a little? Can you guess what it is called when supply changes greatly with price? When supply changes a little with price?. Elasticity of supply

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Elasticity of Supply

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Elasticity of supply

Elasticity of Supply


Elasticity of supply1

Elasticityof supply

  • How responsive is supply to a change in price? Will supply change a lot when prices change or a little? Can you guess what it is called when supply changes greatly with price? When supply changes a little with price?


Elasticity of supply

  • Elasticity of supply

  • Elastic SupplyInelastic supply

    big changelittle change

    in supplyin supply


Elasticity of supply2

Elasticity of supply

  • Elastic Supply

  • Can change supply quickly to meet the demand of the consumer

    • 1. made quickly

    • 2. inexpensive to make

    • 3. using few resources – that are readily available

  • Inelastic Supply

  • Can not change easily to meet the demand of the consumer

    • 1. takes more time to produce the product

    • 2. takes more money to produce the product

    • 3. the resources are not as available, maybe scarce


Examples elastic or inelastic

Examples – elastic or inelastic?


Your turn

YOUR TURN!

  • Get with a partner and add your own elastic example and inelastic example!! Be ready with your example if I call on you to share!


Perfectly inelastic

Perfectly Inelastic

When you CAN NOT change supply!!

Producers would like to make more available, but it is not possible.

EX – seats on an airplane


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