WebSee Answer. Question: Which of the following is a primary determinant of the price elasticity of supply LOADING... ? The price elasticity of supply is affected by A. whether the good produced has close substitutes available. B. whether the good produced is a luxury or a necessity. C. the passage of time. D. the definition of the market. WebThe more time the firm has to adjust to a change in price, the greater the elasticity of supply 21. (extra points). Draw three supply and demand graphs that illustrate the effect of time on the elasticity of supply using the below graphs. The three graphs should show: (a) the immediate market period; (b) the short run; and (c) the long run.
Determinants of Elasticity of Demand - Business …
WebThe price elasticity of supply (PES or E s) is a measure used in economics to show the responsiveness, or elasticity, of the quantity supplied of a good or service to a change in … WebAug 30, 2024 · Price elasticity of supply refers to the relationship between change in supply and change in price. It’s calculated by dividing the percentage change in quantity … number of blacks in vermont
Determinants of Price Elasticity of Demand - Economics Discussion
WebThe elasticity of supply refers to the degree of responsiveness of the quantity supplied to changes in their determinants, such as the price of the product, the availability of … WebNov 4, 2024 · Price elasticity of demand is the measure of change in quantity demanded of a good with respect to its price. The determinants of price elasticity of demand include: 1. The time horizon states the period of time that has elapsed from the earlier price change. 2. The market definition for the good: if the market defines the good as a necessity ... WebThe following are the main factors which determine the price elasticity of demand for a commodity: 1. The Availability of Substitutes 2. The Proportion of Consumer’s Income … nintendo switch lite handheld games