Price Elasticity of Supply Explained in 40 Characters
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![[object Object],Price Elasticity of Supply DEF:- THE RATIO BETWEEN % CHANGE IN QUANTITY SUPPLIED TO THE % CHANGE IN PRICE.](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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Price Elasticity of Supply Explained in 40 Characters
- 1. SHAHI RAZ AKHTAR PRICE ELASTICITY OF SUPPLY BS COMMERCE IST SEMISTER
- 3. Price Elasticity of Supply Remember: Es = coefficient of price elasticity QS = Quantity Supplied P = Price PES = % ∆Q S % ∆P Percentage Change in Quantity Supplied Percentage Change in Price PE S =
- 5. Figure 1. Elastic Supply Curve PRICE P1 P2 0 Q1 Q2 S QUANTITY
- 6. Figure 2. Inelastic Supply Curve PRICE P1 P2 0 Q1 Q2 S QUANTITY
- 7. Figure 3. Unitary Supply Curve PRICE P1 P2 0 Q1 Q2 S QUANTITY
- 8. Figure 4. Perfectly Elastic Supply Curve PRICE P1 0 S QUANTITY
- 9. Figure 5. Perfectly Inelastic Supply Curve PRICE P1 P2 0 S QUANTITY
- 13. Q2-Q1 20-10 10 ∆ QS = = = = 1 Q1 10 10 P2-P1 10-8 2 ∆ P = = = = 0.25 P1 8 8
- 15. [email_address] PATHANKING 12 @YAHOO.COM THE END
Notas do Editor
- We use percentages so it doesn’t matter which unit of measure we are using. The concept of price elasticity also applies to supply. The elasticity formula is the same as that for demand, but we must substitute the word “supplied” for the word “demanded” everywhere in the formula. Just like with price elasticity of demand, we will compute the price elasticity of supply using the midpoint formula.