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Course: ARE 012, Fall 2008School: N.C. State
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Elasticity Elasticity Supply of Supply, Is the percentage change in quantity supplied associated with a percentage change in price. Es = % Qs / % P Es = QS P X P0 Q0 Interpreting Elasticity of Supply If Es > 1 elastic supply Es < 1 inelastic supply Es = 1 unitary elastic supply If the Supply curve is a straight line: P Es > 1 S If the supply curve cuts the price axis (Y), then...
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Elasticity
Elasticity Supply of Supply,
Is the percentage change in quantity supplied associated with a percentage change in price.
Es = % Qs / % P
Es = QS P
X
P0 Q0
Interpreting Elasticity of Supply
If Es > 1 elastic supply Es < 1 inelastic supply Es = 1 unitary elastic supply
If the Supply curve is a straight line:
P Es > 1 S
If the supply curve cuts the price axis (Y), then supply is ELASTIC
Qs/ut
If the Supply curve is a straight line:
S P Es < 1
If the supply curve cuts the quantity axis (X), then supply is INELASTIC
Qs/ut
If the Supply curve is a straight line:
S P Es = 1
If the supply curve comes out of origin, the then supply is UNITARY ELASTIC
Qs/ut
Sections of Elasticity
Es > 1 P S
Less Elastic
More Elastic Qs/ut
Sections of Elasticity
Es < 1 P S
Less Inelastic
More Inelastic Qs/ut
Time and Elasiticy of Supply
The longer the time period for adjustment, the more price elastic is the supply curve.
The longer the time allowed for adjustment to a Price, the more firms...
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