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If the amount offered for sale is less affected by change, then the supply is said to be inelastic. Categories/Types of the Price elasticity of Supply: Definition and Explanation: There …

Price elasticity of supply measures the degree of responsiveness of supply of a product due to a change in the price of that product. “Price elasticity of supply measures how …

The price elasticity of demand is not the same for all commodities. It may be equal or low depending upon a number of demand, in brief, are as under:   …

The concept of price elasticity of demand can be used to divide the good into three groups: Elastic: when the percent change in quantity of a good than the percent …

The three main types of elasticity of demand are discussed in brief. 1.Price elasticity of demand: Definition and explanation: The concept of price elasticity of demand is commonly used in …

Definition: Price elasticity of demand measures the degree of responsiveness of the quantity demanded of a good to a change in its price. It is defined as: “The ratio of …

The cobweb model or cobweb theory is an economic model that explains why prices might be subject to periodic fluctuations in certain types of markets. It describes cyclical supply and …

All agricultural markets, livestock markets as susceptible to seasonal variation. Fresh milk prices fluctuate in the same way as food crop prices which are moving inversely with supply on the …

When the supply of the commodity rises or falls due to non-price determinants, the supply is said to have increased or decreased supply. The increases or decrease or rise or …

Supply responds to change in prices differently for different goods, depending on their elasticity or inelasticity. If goods are elastic then a modest change in price leads to a large …