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ELASTICITY OF SUPPLY

CONTENT

  1. Definition of Elasticity of Supply
  2. Degrees of Elasticity of Supply
  3. The Two Abnormal Elasticity of Supply
  4. Measurement of Elasticity of Supply
  5. Factors Affecting the Elasticity of Supply

 

Definition of Elasticity of Supply

Just as it is with demand, there also exists what we called Elasticity of Supply. Elasticity of Supply is the degree of responsiveness of the supply of a commodity to changes in price. If a change in price causes more than a proportionate change in supply, then supply is elastic. But if a change in prices causes a less than a proportionate change in supply, then supply is inelastic.

Degrees of Elasticity of Supply

  1. Elastic Supply
  2. Inelastic Supply
  3. Unitary Elastic Supply

The Two Abnormal Elasticity of Supply

  1. Perfectly Elastic Supply
  2. Perfectly Inelastic Supply

We shall illustrate all of these graphically, just as the case with demand

A (i) Elastic Supply

This is when change in price causes more than a proportionate change in supply.

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Lesson tags: Economics Lesson Notes, Economics Objective Questions, SS2 Economics, SS2 Economics Evaluation Questions, SS2 Economics Evaluation Questions First Term, SS2 Economics First Term, SS2 Economics Objective Questions, SS2 Economics Objective Questions First Term
Back to: ECONOMICS – SS2 > First Term
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