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TYPES OF ELASTICITY OF SUPPLY — Economics Keypoint

TYPES OF ELASTICITY OF SUPPLY

ELASTIC SUPPLY

This is when a change in price causes a more than proportionate change in supply. That is, elasticity of supply is greater than one Es > 1. Elastic supply is subdivided into two namely: perfectly elastic supply and fairly elastic supply.

INELASTIC SUPPLY

This is when a change in price causes a less than proportionate change in supply. That is, elasticity of supply is less than one. ES < 1. Inelastic supply is subdivided into two:

(a) Perfectly inelastic supply (Es = 0) and (b) Fairly inelastic supply (Es < 1).

UNITARY ELASTICITY OF SUPPLY

This occurs when the quantity supplied changes proportionately with price. ES = 1

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