Price Elasticity of supply
Authored by Kuenga Lhamu
Business
9th - 12th Grade
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6 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
what is the elasticity of the commodity ?
Inelastic supply
Elastic supply
Unitary supply
Perfectly inelastic supply
2.
MULTIPLE SELECT QUESTION
10 mins • 1 pt
If you were a business person, how would you apply the idea of elasticity of supply?
If you were a business person, how would you apply the idea of elasticity of supply?
Product with elastic supply , responsive to price change
Product with inelastic supply, not very responsive to price change
Product with perfectly inelastic supply, not at all responsive to price change
Product with perfectly elastic supply , very responsive to change
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Suppose a natural disaster suddenly reduces the supply of a key raw material.
How would this affect the price elasticity of supply for products dependent on that material?
Product with elastic supply , responsive to price change
Product with inelastic supply, not very responsive to price change
Product with perfectly inelastic supply, not at all responsive to price change
Product with perfectly elastic supply , very responsive to change
4.
OPEN ENDED QUESTION
3 mins • 1 pt
Compare the price elasticity of supply for agricultural products with that of manufactured goods.
What are the reasons behind any differences in elasticity between these two types of goods?
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5.
OPEN ENDED QUESTION
3 mins • 1 pt
Suppose a natural disaster suddenly reduces the supply of a key raw material.
How would this affect the price elasticity of supply for products dependent on that material?
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OFF
6.
OPEN ENDED QUESTION
3 mins • 1 pt
Consider a situation where a firm faces an inelastic supply curve for a life-saving medication. Discuss how the firm might set its prices & quantity supplied under these circumstances.
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OFF
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