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31 March, 21:29

The factors that affect the price elasticity of supply include: Instructions: You may select more than one answer.

A. the availability of inputs. unanswered the flexibility of the production process.

B. relative need and relative cost.

C. time needed to adjust to changes in price.

D. degree of necessity. unanswered

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Answers (1)
  1. 31 March, 21:36
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    The correct answer is letter "A", "B", and "D": the availability of inputs; the flexibility of the production process; time needed to adjust to changes in price.

    Explanation:

    Price elasticity of supply reflects the changes in supply after a change in prices. The price elasticity of supply is calculated dividing the percentage in the change of quantity supplied by the percentage in the change of price. If the result is equal or greater than one (1) the supply of that good is elastic. If the result is lower than one (1), then the supply is inelastic.

    Three main factors determine the price elasticity of supply which are the amount of inventory or raw material in the industry, the capacity to increase or decrease the production, and the time needed to produce the good to be offered based on the price fluctuations.
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