Question

Factors influencing the elasticity of supply with an example

Answer 1

There are lot of factors responsible for elasticity of supply-

Production cost- If production cost is less there will be increase in production ( due to decrease in factor cost)thus elasticity of supply will be affected.

Government policy-

Favourable government policy towards firm increases the productivity of firm.For example- Suppose government reduce tax on production of ecofriendly products then production will increase .

We know when production increases supply also increases .Hence there will be more supply of goods at reasonable cost.

Hope u hve got it.Feel free to ask ques in case of doubt

Answer 2

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