Supply Elasticity Assignment Help

Supply Elasticity Assignment Help
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Complete Information on Supply Elasticity

Supply elasticity gives us a simple but well explanatory relationship between quantity supplied and the price. Mathematically it can be defined as “the ratio of quantity supplied to the percentage change in the price of a certain good or commodity.” The goal of BookMyEssay online assignment writers is to assist the students  of college/university with Supply Elasticity case study writing services they require to complete their homework and earn top grades.

Generally, the price and quantity supplied are seen to be in the direct relation which means that an increase in the price of a certain good implies a corresponding increase in its quantity to be supplied. Hence, their ratio, that is, supply elasticity is found to be positive.

There are basically five types of Elasticity as mentioned below:

  • Perfectly Inelastic Supply- Here, the quantity supplied remains constant while the price changes and hence the value of price elasticity of supply is zero and the curve is a vertical line.
  • Relatively Inelastic Supply- Here, the change in quantity supplied is relatively slower than the change in the price of the commodity or service. Thus, the value of the price elasticity of supply lies between 0 and 1.
  • Unit Elastic Supply- Here, the change in quantity supplied is the same as the change in the price of that good or service. Hence, the value of the price elasticity of supply equals 1 as its name suggests.
  • Relatively Elastic Supply- Here, the change in quantity supplied is more rapid than the percentage change in the price of the good/ commodity.
  • Perfectly Elastic Supply- Here, the quantity supplied changes but the percentage change in the price is zero, that is, there is no change in price. The supplier can supply any amount of quantity but does not alter the price of the commodity. Hence the curve obtained is a straight horizontal line.

Factors that control the price elasticity of supply:

  • Marginal cost- The supply elasticity would be elastic if the marginal cost rises slowly but it will be relatively inelastic if the marginal cost rises rapidly.
  • Capacity- A firm with more plant capacity will definitely have the relative elastic type of supply elasticity.
  • The mobility of factors of production- If a firm ensures easy and flexible mobility of factors of production, then the supply elasticity is found to be elastic and if the mobility is not that easy then it is inelastic.
  • Time- The elasticity of supply generally increases with the increase in time if it is initially relative elastic type.
  • A number of firms- More the number of firms involved, more elastic will be the supply and price relationship.

Advantages of Knowing About Supply Elasticity

A Supply Elasticity homework and assignment basically is learning about the supply elasticity and especially the price elasticity of supply. One must be well versed with supply elasticity as it is a very essential tool in learning the complex mechanism of modern day economics.

It helps in determining as to what will be the response of the customer with respect to the changes in the price of a good and how will it affect the quantity supplied by a firm to accommodate the demand response of the customer.

Also, it must be noted that Supply elasticity assignment writing help also includes the study of supply elasticity with changing time and customer preference.

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