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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.
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%.
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.
Which of the following is a good example of a good with elastic supply in the short run?
Passenger Airplanes
The key factor that determines whether the supply of a good will be elastic or inelastic is .?
time
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.
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%.
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.
Which of the following is a good example of a good with elastic supply in the short run?
Passenger Airplanes
The key factor that determines whether the supply of a good will be elastic or inelastic is .?
time
What is the The key factor that determines whether the supply of a good will be elastic or inelastic?
Time
What goods the example of unitary elasticity supply?
Unit elastic supply basically means that if price of a good rises, the supply of that good will rise an equal amount. A good example of his would be tomatoes.
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%.
What good has inelastic supply and elastic demand a specific example of a good please?
Would someone answer my question please I need it due Monday :S Inelastic supply ensures a predictable level of supply and also a static cost price. Elastic demand would mean that you need to careful in planning your supply pipeline. if you order too much you may end up selling at or below cost or at lower than budgeted margins. Generally in a globalised open market these 2 conditions cannot exist for long. They are counter intuitive
How might you calculate elasticity of supply?
Elasticity of supply is the amount a price changes based on changes in supply. An elastic good's price will change as the price changes. If the good is inelastic, as the supply of the product changes, the price does not change. Inelastic curves are very straight up and down. Elastic curves are straight horizontally. Elasticity of supply is an important factor for business managers. Business managers want to know how the price they offer for their product will change based on how much they produce.
What happens in the case of a product that has elastic supply when the price decreases?
Consumers switch to other goods. Prices will probably rise, but nobody will buy the good (because it is elastic), so eventually they will fall again.
What conditions do plants like?
good soil with a good water supply that will not drown them. They also need light
