Elasticity of Supply
Price elasticity of supply
1) The concept of ‘price elasticity of supply’.
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2) Calculation and interpretation of numerical values of price elasticity of supply:
• perfectly elastic supply
• elastic supply
• unitary elastic supply
• inelastic supply
• perfectly inelastic supply.
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3) Factors that influence price elasticity of supply:
• the time period
• availability of stock/perishability
• mobility of factors of production
• legal constraints
• capacity.
d) The distinction between the short run and long run
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