Enhance Your Learning with Economics - Elasticity of Supply Flash Cards for quick understanding
A measure of how responsive the quantity supplied of a good or service is to changes in its price.
A measure of the responsiveness of the quantity supplied to changes in price.
Factors that influence the degree of responsiveness of the quantity supplied to changes in price, including production time, availability of inputs, and flexibility of production processes.
A situation where a small change in price leads to an infinitely large change in quantity supplied.
A situation where quantity supplied does not respond to changes in price.
A situation where the percentage change in quantity supplied is equal to the percentage change in price.
A measure of the responsiveness of the quantity supplied of one good to changes in the price of another good.
A measure of the responsiveness of the quantity supplied to changes in income.
The use of elasticity of supply in various economic analyses, such as determining the impact of taxes on supply and predicting the effects of changes in input prices.
Various factors that influence the elasticity of supply, including the availability of substitutes, time horizon, and the proportion of production costs to total costs.
A numerical measure of the responsiveness of quantity supplied to changes in price, calculated as the percentage change in quantity supplied divided by the percentage change in price.
A situation where a small change in price leads to a relatively large change in quantity supplied.
A situation where quantity supplied does not respond significantly to changes in price.
A horizontal supply curve indicating a perfectly elastic supply, where any change in price results in an infinite change in quantity supplied.
A vertical supply curve indicating a perfectly inelastic supply, where quantity supplied remains constant regardless of changes in price.
A supply curve with a constant slope, indicating a unitary elastic supply where the percentage change in quantity supplied is equal to the percentage change in price.
A curve showing the relationship between the quantity supplied of one good and the price of another good, indicating the cross elasticity of supply.
A curve showing the relationship between the quantity supplied and income, indicating the income elasticity of supply.
The impact of taxes on the elasticity of supply, where higher taxes tend to reduce the elasticity of supply.
The effects of changes in input prices on the elasticity of supply, where higher input prices tend to reduce the elasticity of supply.
The influence of the availability of substitutes on the elasticity of supply, where more substitutes tend to increase the elasticity of supply.
The impact of the time horizon on the elasticity of supply, where longer time horizons tend to increase the elasticity of supply.
The relationship between the proportion of production costs to total costs and the elasticity of supply, where higher production costs tend to reduce the elasticity of supply.
The role of elasticity of supply in determining market equilibrium, where a more elastic supply tends to result in a larger change in quantity and a smaller change in price.
The effects of price controls on the elasticity of supply, where price ceilings tend to reduce the elasticity of supply and price floors tend to increase it.
The influence of technological advancements on the elasticity of supply, where improved technology tends to increase the elasticity of supply.
The impact of government regulations on the elasticity of supply, where stricter regulations tend to reduce the elasticity of supply.
The relationship between market competition and the elasticity of supply, where more competition tends to increase the elasticity of supply.
The role of elasticity of supply in profit maximization, where firms aim to produce at the quantity where marginal cost equals marginal revenue.
The relationship between the elasticity of supply and the price elasticity of demand, where a more elastic supply tends to result in a larger change in quantity and a smaller change in price.
The influence of the elasticity of substitution on the elasticity of supply, where a higher elasticity of substitution tends to increase the elasticity of supply.
The effects of changes in supply elasticity on market dynamics, including price volatility and shifts in market equilibrium.
The use of elasticity of supply in price discrimination strategies, where firms charge different prices to different customer segments based on their willingness to pay.
The relationship between market power and the elasticity of supply, where firms with more market power tend to have a less elastic supply.
The impact of the elasticity of supply on market efficiency, where a more elastic supply tends to result in a more efficient allocation of resources.
The relationship between the elasticity of supply and the price elasticity of supply, where a more elastic supply tends to have a higher price elasticity of supply.
The effects of changes in supply elasticity on consumer surplus, where a more elastic supply tends to result in a larger consumer surplus.
The influence of changes in supply elasticity on producer surplus, where a more elastic supply tends to result in a smaller producer surplus.
The impact of changes in supply elasticity on deadweight loss, where a more elastic supply tends to result in a smaller deadweight loss.
The relationship between the elasticity of supply and market failure, where a less elastic supply can contribute to market failures such as shortages or surpluses.
The effects of changes in supply elasticity on international trade, where a more elastic supply tends to result in a larger volume of trade.
The influence of changes in supply elasticity on resource allocation, where a more elastic supply tends to result in a more efficient allocation of resources.
The impact of changes in supply elasticity on price stability, where a more elastic supply tends to result in more stable prices.