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AP Microeconomics - Elasticity of Supply and Demand

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What is elastic demand?

When a quantity is sensitive to a change in price

Define price elasticity of supply.

A measurement of how sensitive quantity supplied is to a change in price

What are some qualities of inelastic supply?

Easier to produce Low barriers to entry (many firms) Low cost or generic inputs Easy to switch from producing alternative goods Elasticity coefficient > one

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Institution Junior / 11th grade
Course Microeconomics

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2.2: Elasticity of Supply and Demand

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AP Microeconomics notes from Unit 2, Section 2: These notes cover the elasticities of supply and demand.

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