Note: the above answers are wrong. They are about elasticity of DEMAND, not SUPPLY like the question calls for. Goods with an elastic supply are those that require little capital, no hard-to-find resources, and no skilled labor force. The more of these items a good requires, the less elastic its supply will be.
soda, jeans, bicycle, new cars, pink (or other color) glass, Gone with the Wind book, AND MANY OTHER THINGS (the items that have elastic demands are those that can be delayed and have substitutions)
examples of price elasticity of supply?
supply elasticity
price elasticity is the degree of responsiveness of demand or supply to a small change in price.
The elasticity of supply establishes a quantitative relationship between the supply of a commodity and it’s price. Hence, we can express the numeral change in supply with the change in the price of a commodity using the concept of elasticity. Note that elasticity can also be calculated with respect to the other determinants of supply. However, the major factor controlling the supply of a commodity is its price. Therefore, we generally talk about the price elasticity of supply. The price elasticity of supply is the ratio of the percentage change in the price to the percentage change in quantity supplied of a commodity. Es= [(Δq/q)×100] ÷ [(Δp/p)×100] = (Δq/q) ÷ (Δp/p) Δq= The change in quantity supplied q= The quantity supplied Δp= The change in price p= The price
If the cost of supply falls for each unit of supply (a shift of the supply curve right), the change in price depends on the price elasticity of demand: Price is unchanged when price elasticity of demand is infinite. Price falls when price elasticity of demand is less than infinite.
A key determinant of the price elasticity pf supply is the availability of alternative products. The more choices consumers have, the more elasticity the price must have.
supply elasticity
price elasticity is the degree of responsiveness of demand or supply to a small change in price.
The elasticity of supply establishes a quantitative relationship between the supply of a commodity and it’s price. Hence, we can express the numeral change in supply with the change in the price of a commodity using the concept of elasticity. Note that elasticity can also be calculated with respect to the other determinants of supply. However, the major factor controlling the supply of a commodity is its price. Therefore, we generally talk about the price elasticity of supply. The price elasticity of supply is the ratio of the percentage change in the price to the percentage change in quantity supplied of a commodity. Es= [(Δq/q)×100] ÷ [(Δp/p)×100] = (Δq/q) ÷ (Δp/p) Δq= The change in quantity supplied q= The quantity supplied Δp= The change in price p= The price
A unitary-elastic supply indicates a good with a supply-price elasticity of one, which means that a 1% change in price increases supply by 1%.
If the cost of supply falls for each unit of supply (a shift of the supply curve right), the change in price depends on the price elasticity of demand: Price is unchanged when price elasticity of demand is infinite. Price falls when price elasticity of demand is less than infinite.
A key determinant of the price elasticity pf supply is the availability of alternative products. The more choices consumers have, the more elasticity the price must have.
Elasticity of supply refers to the responsiveness of guantity supplied of a commodity to changes in its own price. And the formulafor measuring elasticity of supply percentagechange in quantity supplied/ %change in price
The price elasticity of supply of Picasso paintings is zero, since no matter how high price rises, no more can ever be produced
The point elasticity of supply is a measure of the rate of response of quantity demand due to a price change. The higher the elasticity, the more sensitive the sellers are to these changes.
The price elasticity of supply (or demand) is the percentage change in supply/demand for a one-percentage change in price. Eg, if the price elasticity is 1, a 1% change in the price of a good causes a 1% drop in price. (Note that elasticity is given in absolute value, since it is usually negative.)
Elasticity.
price of the commodity