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Apple production generally has inelastic supply in the short term due to the time required for trees to grow and produce fruit. Factors like weather conditions and seasonal cycles also affect immediate supply responses. However, in the long term, supply can become more elastic as growers adjust planting decisions based on market prices and invest in new technologies. Overall, while short-term supply is relatively inelastic, it may become more elastic over time.
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What is the difference between industries that have elastic supply and those who have inelastic supply?
Industries with elastic supply can quickly adjust production levels in response to price changes, often due to readily available resources and flexible production processes. In contrast, industries with inelastic supply face challenges in altering production, typically due to factors like high capital requirements, long production times, or limited resources. As a result, price changes have a more significant impact on the quantity supplied in elastic industries compared to inelastic ones.
Why does the supply of a good tend to be more elastic if certain conditions are met?
The supply of a good tends to be more elastic if certain conditions are met because producers can easily increase or decrease production in response to changes in price or demand. This flexibility allows them to adjust their supply more readily, making it more elastic.
Is supply more elastic in the short run than in the long run?
Most of them are more elastic in the long run,because all factors of production are variable,not fixed.
Is supply for bar soap inelastic or elastic?
is soap elastic or inelastic supply
What are the types of supply elasticity?
Types of elasticity of supply1) Perfectly elastic supply2) Relative elastic supply3) Unitary elastic supply4) Relatively in elastic supply5) Perfectly in elastic supply
What is the difference between industries that have elastic supply and those who have inelastic supply?
Industries with elastic supply can quickly adjust production levels in response to price changes, often due to readily available resources and flexible production processes. In contrast, industries with inelastic supply face challenges in altering production, typically due to factors like high capital requirements, long production times, or limited resources. As a result, price changes have a more significant impact on the quantity supplied in elastic industries compared to inelastic ones.
Why does the supply of a good tend to be more elastic if certain conditions are met?
The supply of a good tends to be more elastic if certain conditions are met because producers can easily increase or decrease production in response to changes in price or demand. This flexibility allows them to adjust their supply more readily, making it more elastic.
Is supply more elastic in the short run than in the long run?
Most of them are more elastic in the long run,because all factors of production are variable,not fixed.
Is supply for bar soap inelastic or elastic?
is soap elastic or inelastic supply
What are the types of supply elasticity?
Types of elasticity of supply1) Perfectly elastic supply2) Relative elastic supply3) Unitary elastic supply4) Relatively in elastic supply5) Perfectly in elastic supply
Why is supply less elastic when a good is fixed in supply?
Supply is less elastic when a good is fixed in supply because there is a limited quantity available that cannot be easily increased or decreased in response to price changes. When the supply is fixed, producers cannot adjust their production levels due to constraints such as resource limitations or regulatory restrictions. As a result, even significant changes in price do not lead to a substantial change in the quantity supplied, making the supply curve steeper and less elastic.
Which firm is more likely to have an elastic supply?
A firm making underwear will need a supply of elastic.
What are the key differences between the long run supply curve and the short run supply curve in economics?
The key difference between the long run supply curve and the short run supply curve in economics is that the long run supply curve is more elastic and flexible, as firms can adjust their production levels and resources in the long run. In contrast, the short run supply curve is less elastic and more rigid, as firms have limited ability to change their production capacity in the short term.
What is an unitary elastic supply?
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%.
Will the supply of a good be more elastic if the price of the good increases?
Yes, the supply of a good will be more elastic if the price of the good increases.
If the supply of a good is elastic what statement is true?
If the supply of a good is elastic, it means that producers can respond quickly to changes in price. Specifically, a small increase in price will lead to a proportionally larger increase in the quantity supplied. This typically occurs in markets where production can be easily scaled up or down, such as in industries with readily available resources or flexible manufacturing processes. Consequently, elastic supply indicates that suppliers are highly responsive to market conditions.
When is a supply curve most elastic in nature?
A supply curve is most elastic when producers can respond quickly to price changes, typically in the short run. This occurs when there is excess capacity, allowing firms to increase production without significant cost increases. Additionally, when there are many substitutes available or when the time frame is extended, the supply curve becomes more elastic. In these situations, even small changes in price can lead to significant changes in the quantity supplied.
