Economy, asked by lifebug, 1 year ago

is the elasticity of supply for perishable goods relatively inelastic or perfectly inelastic??

Answers

Answered by ParthParth
7
Perishable goods are goods that get that get decay easily within 2 or 3 days.
E.g. milk products, bread etc.

The law of supply states the direct relationship between the price of a product and quantity supplied of the product.

Inelastic supply is an economic term used to describe the situation in which the quantity supplied of a good or service is unaffected or less affected when the price of that good or service changes.

In case of perishable goods such as vegetables, fruits, and other eatables, the supply would be inelastic.This is because the supply of perishable goods cannot be increased or decreased easily.

As supply cannot be increased or decreased easily, therefore elasticity of supply is said to be relatively inelastic.


according to me, it should be right........ 


lifebug: And what should it's elasticity of demand be??
ParthParth: i would answer your question that u asked
lifebug: hmm
ParthParth: hey answered tha too
Answered by mindfulmaisel
2

"The elasticity of supply for perishable goods is relatively inelastic.

  The types of goods which gets degraded or spoiled in less span of time when not stored properly are called as perishable goods. On the other hand, the "elasticity of supply" is defined as the percent "change in the quantity" supply over the percent "change in the price" of the commodity.

  Inelastic supply refers to the condition, in which the percent "change in the quantity" supply over the percent "change in the price" of the commodity is compared when the former is increased, the latter is also increased. Such type of supply is seen in the "case of" perishable goods."

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