Elasticity of Demand and Supply - Price Elasticity of Supply
3 important questions on Elasticity of Demand and Supply - Price Elasticity of Supply
What is the formula to calculate elasticity of supply?
note-answernotes-contentE = (change in quantity)/ (sum of quantities before and after/2)
change in price/(sum of prices before and after/2)
change in price/(sum of prices before and after/2)
What is the market period?
The time it takes for suppliers to respond to a price change by altering the amount they supply.
What do the long and short run periods mean in relation to the market period?
On the short run, the only adaptation suppliers can make, is to use their facilities more or less intensively. On the long run, they can adapt these facilities, too.
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