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25 February, 13:12

The supply curve for a good will be more elastic if:

a. production inputs are readily available at a relatively low cost.

b. there is very little time for producers to respond to a price change.

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  1. 25 February, 13:28
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    a. production inputs are readily available at a relatively low cost. Supply is said to be elastic when a small change in prices leads to a greater demand in the quantity of goods supplied. In this case Elasticity is greater than 1

    Explanation:

    Elasticity of supply measures the extent to which the quantity of a commodity supplied by the producer changes as a result of a little change in the price of the commodity. Elasticity of supply is the degree of responsiveness of supply to little changes in the price of a commodity
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