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
Elasticity of Supply
big changelittle change
in supplyin supply
When you CAN NOT change supply!!
Producers would like to make more available, but it is not possible.
EX – seats on an airplane