Price elasticity of supply is the responsiveness of a supply of a good or service after a change in itsmarket price. According to basic economic theory, the supply of a good will increase when its price rises. Conversely, the supply of a good will decrease when its price decreases. This h...
It refers to the responsiveness of suppliers to adjust the quantity of a good when its price changes. High elasticity means that supply is sensitive to changes in price. Low elasticity is the exact opposite. An elastic supply means that suppliers are able to increase their output without constra...
A. how responsive buyers are to changes in sellers' prices# B. the ability of sellers to change the price of the good they produce# C. the ability of sellers to change the amount of the good they produce# D. the slope of the demand curve 相关知识点: 试题...
The price elasticity of a product describes how sensitive suppliers and buyers are to changes in price. It doesn't change in relation tosupply and demand, but it defines the slope of each curve. A product with highprice elasticity of demandwill see demand fall sharply when prices rise...
Supply is an economics concept that refers to what amount of a product that all suppliers are willing to bring to the market at a particular price. Supply is usually represented using a supply curve. Answer and Explanation:1 The price elasticity of supply is the change in the quantit...
If the elasticity of supply of crude oil is 1.5, how much will production have to increase to match a 10% price increase? If the price of gasoline is $2.00 and the price elasticity of demand is 0.5, how much will a 1...
demand. This is typical of goods that are easy to live without and goods that have many potential substitutes. For instance, a modest increase in the price of down pillows might cause a disproportionate number of consumers to switch to pillows with polyester or bamboo fill, or to a different...
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by level setting on price elasticity in general. Price elasticity measures how sensitive the demand and supply of your product are to changes in price. For example, the price elasticity of demand measures many customers will continue to purchase your product or service if you increase the price....
is likely to increase production to reap the maximum profit. However, a small business that sells handmade furniture may have a harder time ramping up production or dealing with increased shipping and delivery activity, so an increase in supply may not be feasible, regar...