Activity
Discuss in pairs why the price elasticity of supply of the following products will differ:
1 Smartphones
2 Organic vegetables
3 Fresh flowers
4 Hotels
5 Ferrari cars.
Answers
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Answer:
The price elasticity of supply is determined by: Number of producers: ease of entry into the market. Spare capacity: it is easy to increase production if there is a shift in demand. Ease of switching: if production of goods can be varied, supply is more elastic.
Explanation:
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