Micro 2.4-Elasticity of Supply Basic Questions

Instructions

This formative will explore price elasticity of supply through definitions, examples, time frames, real-world scenarios, and graph interpretation. Get ready to understand how supply can vary with different conditions!

Watch as much or as little of this video as you need to get a sense of elasticity of supply. Keep in mind, elasticity of supply is a super small part of this course! Focus on the elasticity of demand...it is huge! Be FAMILIAR with PES (price elasticity of supply) so that you can answer that 1 multiple choice question that may or may not be on the test or AP exam.

As always...benefit vs. cost.

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Describe the price elasticity of supply?

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A storm destroys half of a corn crop. Is this event more likely to hurt corn farmers if corn supply is price elastic or price inelastic?

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Define price elasticity of supply.

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Compare the price elasticity of supply in agriculture to that in technology industries.

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Time frame has an impact on the price elasticity of supply.

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How do natural disasters typically affect the price elasticity of supply?

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1

Describe the price elasticity of supply?

A storm destroys half of a corn crop. Is this event more likely to hurt corn farmers if corn supply is price elastic or price inelastic?

Define price elasticity of supply.

Compare the price elasticity of supply in agriculture to that in technology industries.

Time frame has an impact on the price elasticity of supply.

How do natural disasters typically affect the price elasticity of supply?

What does a vertical supply curve indicate about the elasticity of supply?