Pes 120124045124-phpapp02
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Price elasticity of supply measures the responsiveness of the quantity supplied of a good to a change in its price. It is calculated as the percentage change in quantity supplied divided by the percentage change in price. If the price elasticity of supply is greater than 1, supply is elastic. If it is less than 1, supply is inelastic. If it is equal to 1, supply is unitary elastic. Examples of perfectly elastic and perfectly inelastic supply curves are also provided. Factors like time, production capacity, producers, and stored products can affect the price elasticity of supply. An example problem calculates the price elasticity of supply for an individual supplying bags and finds it to be elastic at 4.
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Price Elasticity Of Supply
The document discusses price elasticity of supply, which measures how much a supplier's quantity supplied responds to changes in price. It defines the coefficient of price elasticity of supply and explains that supply can be elastic, inelastic, or unitary depending on whether a percentage change in price results in a greater, lesser, or equal percentage change in quantity supplied. Examples of perfectly elastic and perfectly inelastic supply curves are also provided.
Lec 18 Elasticity of Supply
Elasticity of Supply
The elasticity of supply can be defined as “the degree (measure) of responsiveness in quantity supplied to a change in price”.
It is also defined as the percentage change in quantity supplied divided by percentage change in price.
It represents the rate of change in quantity supplied due to a change in its own price.
Elasticity of supply can be defined as “the degree (measure) of responsiveness in quantity supplied to a change in price”.
It is also defined as the percentage change in quantity supplied divided by percentage change in price.
It represents the rate of change in quantity supplied due to a change in it’s own price.
Elasticity of supply
This document defines elasticity of supply as the responsiveness of the quantity supplied of a good to a change in its price. It provides a formula for calculating elasticity of supply and describes different types of supply elasticity, including perfect inelastic supply where quantity supplied does not change with price changes, relatively less-elastic supply where supply changes less than proportionately to price changes, relatively greater elastic supply where supply changes substantially to small price changes, unit elastic supply where supply changes exactly proportionately to price changes, and perfect elastic supply where supply is infinite at a given price point.
Supply
The document discusses supply, including the supply function, law of supply, supply schedules, supply curves, individual and market supply curves, movements along the supply curve, and elasticity of supply. It defines key supply concepts and relationships, such as how supply is determined by price and other factors, and how the supply curve slopes upward. It also explains how elasticity of supply is measured and what different elasticity values indicate about the responsiveness of supply to price changes.
Price elasticity supply
Price elasticity of supply measures how much the quantity supplied of a good responds to changes in its price. Supply is more elastic when producers can easily increase output by utilizing spare capacity, high stock levels, short production times, or flexible reallocation of resources. Supply is inelastic when producers face constraints increasing output in response to higher prices. The elasticity of supply determines whether a change in demand results in a large or small change in price.
Supply
This presentation discusses supply and the law of supply. It defines supply as the quantity of a good that is available for sale at a given price and time period. The quantity supplied depends on six factors: the good's price, input prices, prices of related goods, technology, producer expectations, and number of firms. The supply function quantifies this relationship. The law of supply states that, all else equal, quantity supplied increases as price increases, shown by an upward sloping supply curve. Elasticity of supply measures the responsiveness of quantity supplied to price changes. It can be measured proportionately or geometrically depending on the shape of the supply curve.
Price Elasticity Of Supply - PES
Price elasticity of supply measures the responsiveness to the supply of a good or service after a change in its market 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.
Elasticity of Supply
Elasticity of supply measures how responsive the quantity supplied is to changes in price. It can be elastic, inelastic, or unitary elastic. Elasticity is calculated by taking the percentage change in quantity supplied divided by the percentage change in price. If the result is greater than 1, supply is elastic. If it is less than 1, supply is inelastic. If it is exactly 1, supply is unitary elastic. Elastic supply responds strongly to price changes in the long run, while inelastic supply is not very sensitive to price changes in the short run. Unitary elastic supply means quantity and price move proportionately.
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Price Elasticity Of Supply
The document discusses price elasticity of supply, which measures how much a supplier's quantity supplied responds to changes in price. It defines the coefficient of price elasticity of supply and explains that supply can be elastic, inelastic, or unitary depending on whether a percentage change in price results in a greater, lesser, or equal percentage change in quantity supplied. Examples of perfectly elastic and perfectly inelastic supply curves are also provided.
Lec 18 Elasticity of Supply
Elasticity of Supply
The elasticity of supply can be defined as “the degree (measure) of responsiveness in quantity supplied to a change in price”.
It is also defined as the percentage change in quantity supplied divided by percentage change in price.
It represents the rate of change in quantity supplied due to a change in its own price.
Elasticity of supply can be defined as “the degree (measure) of responsiveness in quantity supplied to a change in price”.
It is also defined as the percentage change in quantity supplied divided by percentage change in price.
It represents the rate of change in quantity supplied due to a change in it’s own price.
Elasticity of supply
This document defines elasticity of supply as the responsiveness of the quantity supplied of a good to a change in its price. It provides a formula for calculating elasticity of supply and describes different types of supply elasticity, including perfect inelastic supply where quantity supplied does not change with price changes, relatively less-elastic supply where supply changes less than proportionately to price changes, relatively greater elastic supply where supply changes substantially to small price changes, unit elastic supply where supply changes exactly proportionately to price changes, and perfect elastic supply where supply is infinite at a given price point.
Supply
The document discusses supply, including the supply function, law of supply, supply schedules, supply curves, individual and market supply curves, movements along the supply curve, and elasticity of supply. It defines key supply concepts and relationships, such as how supply is determined by price and other factors, and how the supply curve slopes upward. It also explains how elasticity of supply is measured and what different elasticity values indicate about the responsiveness of supply to price changes.
Price elasticity supply
Price elasticity of supply measures how much the quantity supplied of a good responds to changes in its price. Supply is more elastic when producers can easily increase output by utilizing spare capacity, high stock levels, short production times, or flexible reallocation of resources. Supply is inelastic when producers face constraints increasing output in response to higher prices. The elasticity of supply determines whether a change in demand results in a large or small change in price.
Supply
This presentation discusses supply and the law of supply. It defines supply as the quantity of a good that is available for sale at a given price and time period. The quantity supplied depends on six factors: the good's price, input prices, prices of related goods, technology, producer expectations, and number of firms. The supply function quantifies this relationship. The law of supply states that, all else equal, quantity supplied increases as price increases, shown by an upward sloping supply curve. Elasticity of supply measures the responsiveness of quantity supplied to price changes. It can be measured proportionately or geometrically depending on the shape of the supply curve.
Price Elasticity Of Supply - PES
Price elasticity of supply measures the responsiveness to the supply of a good or service after a change in its market 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.
Elasticity of Supply
Elasticity of supply measures how responsive the quantity supplied is to changes in price. It can be elastic, inelastic, or unitary elastic. Elasticity is calculated by taking the percentage change in quantity supplied divided by the percentage change in price. If the result is greater than 1, supply is elastic. If it is less than 1, supply is inelastic. If it is exactly 1, supply is unitary elastic. Elastic supply responds strongly to price changes in the long run, while inelastic supply is not very sensitive to price changes in the short run. Unitary elastic supply means quantity and price move proportionately.
PRICE ELASTICITY OF SUPPLY WITH EXAMPLES
Price elasticity of supply measures how responsive the quantity supplied of a good is to changes in its price. It is calculated as the percentage change in quantity supplied divided by the percentage change in price. The elasticity can be elastic (above 1), inelastic (below 1), unitary (equal to 1), perfectly elastic (infinite), or perfectly inelastic (zero). Factors like time, production capacity, and available inventory affect a good's price elasticity of supply. An example is provided where an individual's supply of bags was elastic, with a price elasticity of 4, as quantity supplied increased by 100% when price rose by 25%.
Supply & Elasticity of Supply.
This document discusses the concept of price elasticity of supply. It defines price elasticity of supply as the change in quantity supplied of a product due to a change in price. There are five types of price elasticity of supply: perfectly elastic, relatively elastic, unitary elastic, relatively inelastic, and perfectly inelastic. The document provides examples of supply curves for each type and methods for measuring price elasticity, including percentage and geometric methods. Factors that can impact a supply's price elasticity are also outlined, such as time period, nature of the product, production techniques, and input costs. The concept of price elasticity of supply has practical importance for business decisions, tax policy, determining factor rewards, and international trade terms
Price elasticity of supply (PES).pptx
Price elasticity of supply (PES) measures the responsiveness of the quantity supplied of a good to changes in its price. There are several types of PES including perfectly inelastic, elastic, perfectly elastic, and unitary elastic supply. Perfectly inelastic supply means quantity supplied does not change with price changes, while elastic supply means a small price change leads to a greater proportional change in quantity. Perfectly elastic supply occurs when a price change leads to an infinite quantity change. Factors affecting PES include time, resources, production costs, and product nature. PES can be calculated and is used to analyze how producers respond to price changes.
Elasticity of Supply and Types .pptx
This document discusses the concept of elasticity of supply. It defines elasticity of supply as the ratio of the percentage change in quantity supplied to the percentage change in price. There are two methods for measuring elasticity of supply - the percentage method and the proportionate method. The document also describes the different types of elasticity of supply, including perfectly elastic, perfectly inelastic, highly elastic, less elastic, and unitary elastic supply.
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This document discusses the elasticity of supply. It defines supply and the law of supply. Elasticity of supply refers to the responsiveness of quantity supplied to changes in price. There are five types of elasticity: perfectly elastic, perfectly inelastic, elastic, inelastic, and unit elastic. Determinants that impact elasticity include the time period available to adjust supply, improvements in technology, stock availability, number of producers, and increases in production costs relative to output.
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The document discusses the concept of elasticity, which measures the responsiveness of one variable to another. It defines price elasticity of demand as the percentage change in quantity demanded divided by the percentage change in price. Demand is elastic if this value is greater than 1, and inelastic if less than 1. The document also discusses determining elasticity between points on demand and supply curves, and how elasticity changes along straight-line curves and depends on the availability of substitutes and importance of the good.
MICRO ECONOMICS
This document provides a summary of concepts related to demand elasticity, including:
1. Price elasticity of demand is measured as the percentage change in quantity demanded divided by the percentage change in price. It can be elastic (Ep>1), unit elastic (Ep=1), or inelastic (Ep<1).
2. Cross elasticity of demand measures the responsiveness of demand for one good to changes in price of another good. It can be positive for substitutes and negative for complements.
3. Income elasticity of demand measures the responsiveness of demand to changes in income. It can be elastic (Ey>1) for luxury goods or inelastic (
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This document discusses different types of elasticity, including price elasticity of demand, income elasticity of demand, cross-price elasticity of demand, and elasticity of supply. It defines these concepts and explains how to calculate elasticity using percentage changes. Factors that determine demand elasticity include availability of substitutes, budget share of the product, and the time period considered. Elasticity can change along a demand curve and affects total revenue from price changes.
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Price elasticity of supply measures how responsive the quantity supplied of a good is to changes in its price. It is calculated as the percentage change in quantity supplied divided by the percentage change in price. The elasticity can be elastic (above 1), inelastic (below 1), unitary (equal to 1), perfectly elastic (infinite), or perfectly inelastic (zero). Factors like time, production capacity, and available inventory affect a good's price elasticity of supply. An example is provided where an individual's supply of bags was elastic, with a price elasticity of 4, as quantity supplied increased by 100% when price rose by 25%.
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RPMS TEMPLATE FOR SCHOOL YEAR 2023-2024 FOR TEACHER 1 TO TEACHER 3
RPMS TEMPLATE FOR SCHOOL YEAR 2023-2024 FOR TEACHER 1 TO TEACHER 3
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- 1. SHAHI RAZ AKHTARSHAHI RAZ AKHTAR PRICE ELASTICITY OF SUPPLY BS COMMERCE IST SEMISTER
- 2. MEASURES THE RESPONSIVENESS OF SUPPLY TO A CHANGE IN PRICE. Price Elasticity of Supply DEF:- THE RATIO BETWEEN % CHANGE IN QUANTITY SUPPLIED TO THE % CHANGE IN PRICE.
- 3. Price Elasticity of Supply Percentage Change in Quantity Supplied Percentage Change in PricePES = Remember: Es = coefficient of price elasticity QS = Quantity Supplied P = Price PES = % ∆QS % ∆P
- 4. •PEs > 1 supply is elastic •PEs < 1 supply is inelastic •PEs = 1 Unitary Elastic •PEs= ∞ Totally Elastic •PEs= 0 Totally In-Elastic
- 5. Figure 1. Elastic Supply Curve PRICE P1 P2 0 Q1 Q2 S QUANTITY
- 6. Figure 2. Inelastic Supply Curve PRICE P1 P2 0 Q1 Q2 S QUANTITY
- 7. Figure 3. Unitary Supply Curve PRICE P1 P2 0 Q1 Q2 S QUANTITY
- 8. Figure 4. Perfectly Elastic Supply Curve PRICE P1 0 S QUANTITY
- 9. Figure 5. Perfectly Inelastic Supply Curve PRICE P1 P2 0 S QUANTITY
- 10. 1- TIME 2- PRODUCTION CAPACITY 3- PRODUCER OR CHIEF 4- STORED PRODUCTS FACTORS That affect PRICE ELASTICITY OF SUPPLY
- 11. Problem #1 An individual used to raise 10 bags which sell on the market at a minimum of $8 each. For some reasons, the market price per bag reached $10. He decided to raise 20. Let us find out how elastic or responsive the production was to price.
- 12. Given variables? Qs1 = 10 P1 = $8 each Qs2 = 20 P2 = $10 ∆Qs = ? ; ∆P = ? PES = ?
- 13. Q2-Q1 20-10 10 ∆QS = = = = 1 Q1 10 10 P2-P1 10-8 2 ∆P = = = = 0.25 P1 8 8
- 14. ∆Qs 1 PES = = = 4 ∆ P 0.25 We conclude that the PEOS is 4 . So PEOS is used to see how responsive or sensitive is supply of a good to change in price.
Editor's Notes
- We use percentages so it doesn’t matter which unit of measure we are using. The concept of price elasticity also applies to supply. The elasticity formula is the same as that for demand, but we must substitute the word “supplied” for the word “demanded” everywhere in the formula. Just like with price elasticity of demand, we will compute the price elasticity of supply using the midpoint formula.