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3 cards from this section. Quick, good the night before a test.
Define elasticity of supply in your own words.
Think about responsiveness in general terms.
What happens to quantity supplied in elastic supply when the price increases?
Recall the relationship of supply to price.
What does elasticity of supply measure?
Remember it's all about quantities and reactions.
True or False: Elastic supply means that small changes in price lead to small changes in quantity supplied.
Think about the definition of elastic.
Evaluate the market response in the tech industry when the demand for laptops increases significantly. Discuss how this reflects on their supply elasticity.
Consider how quickly companies can adjust their manufacturing processes.
Given the fluctuating prices of crude oil, devise a strategy for a country reliant on oil imports to manage price elasticity of supply issues.
Consider long-term solutions versus short-term reactions to price changes.
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