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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.
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Which of the following is a determinant of market supply curve but not a determinant of an individual seller's supply?
number of sellers
How is quantity affected by price changes?
supply elasticity
Why study elasticity of demand and supply?
We have to study the elasticity of demand and supply so that we can know what we want to know.
What is the basic determinant of price of a commodity?
its demand , supply
Point elasticity of supply?
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.
Which of the following is a determinant of market supply curve but not a determinant of an individual seller's supply?
number of sellers
How is quantity affected by price changes?
supply elasticity
Which is not considered to be a determinant of the price elasticity of demand for a particular good?
Expectations of the future price
Why study elasticity of demand and supply?
We have to study the elasticity of demand and supply so that we can know what we want to know.
What is the basic determinant of price of a commodity?
its demand , supply
What is unitary elasticity 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%.
Definitions of income elasticity of demand?
income elasticity can be applied in the intersection of market demand and supply. when there is income inequality people with less income get to buy less goods than they would have wanted this affects the suppliers who will have to reduce their goods to be supplied.
Point elasticity of supply?
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.
What factor had the greatest influence on elasticity and in elasticity of supply?
Demand from consumers.
When supply is relatively inelastic elasticity of supply es?
zero
What is the price elasticity of supply for a laptop?
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
What is the primary determinant of the voltage developed by a battery?
the age of the battery
