Elasticity of supply
Download
1 / 7

Elasticity of Supply - PowerPoint PPT Presentation


  • 81 Views
  • Uploaded on

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

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about ' Elasticity of Supply' - fletcher-maddox


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript

Elasticity of supply1
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 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



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


ad