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Price Elasticity of Supply definitions

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이 집합의 용어 (13)

  • Price Elasticity of Supply
    A measure of how much quantity supplied changes in response to a change in price, always yielding a positive value due to the law of supply.
  • Quantity Supplied
    The amount of a good producers are willing to offer for sale at a specific price, used in elasticity calculations.
  • Law of Supply
    The principle stating that as price increases, the quantity supplied also increases, resulting in a positive relationship.
  • Midpoint Method
    A calculation technique using averages to determine percentage changes, ensuring consistent elasticity results.
  • Percentage Change
    A value found by dividing the difference between two numbers by their average, used to compare changes in price and quantity.
  • Inelastic Supply
    A situation where the percentage change in quantity supplied is less than the percentage change in price, resulting in a value less than one.
  • Elastic Supply
    A condition where the percentage change in quantity supplied exceeds the percentage change in price, giving a value greater than one.
  • Unit Elastic Supply
    A scenario where the percentage change in quantity supplied equals the percentage change in price, resulting in a value of one.
  • Numerator
    The top part of a fraction in the elasticity formula, representing the percentage change in quantity supplied.
  • Denominator
    The bottom part of a fraction in the elasticity formula, representing the percentage change in price.
  • Supply Curve
    A graphical representation showing the relationship between price and quantity supplied for a good.
  • Calculation Steps
    A sequence involving subtraction, addition, averaging, and division to determine elasticity values.
  • Positive Value
    A result always obtained in supply elasticity calculations due to both price and quantity supplied moving in the same direction.