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