What Are The Types Of Elasticity Of Supply?

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There is only one type of elasticity of supply - after all, this is a concept and a formula in economics, rather than a category. Elasticity of supply is all about adjustments and flexibility related to the amount of a product or service that is delivered into the marketplace.

  • More or less

The most elastic supply can be adjusted to reflect changes in pricing, the cost of materials, and the demand found in the marketplace. Certain products, such as custom vehicles that take months to produce, may have less elasticity of supply, since the process can't be rushed to produce more of a vehicle, since skilled labor for that type of manufacture may not be readily available. While elasticity of supply may go up or down, it is always defined in the same way, rather than as different types of elasticity of supply.

  • Learning more

Picking up an economics textbook and studying concepts related to economics is the best way to familiarize yourself with elasticity of supply and other economic principles. There are two main fields of economics - these are defined as micro and macroeconomics. In both types of economics, financial systems of different countries are studied, and business processes that relate to economics are studied. Economics is taught in colleges and universities worldwide - one famous example is the London School of Economics, where rock singer Mick Jagger was once briefly enrolled as a student.

Learning about elasticity of supply can be helpful if you're planning a career in business or manufacturing, since you'll need to know the marketplace and how its various fluctuations can affect how much of a good or service should be marketed or produced. The best businesspeople are constantly watching trends, facts, figures, and their own financial statements, to see what's important to consumers in their specific market niches; then, they put their money into making more of what's popular and in demand.

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