There are five types of elasticity of supply.
Typesof Elasticity of Supply There are five types of elasticity of supply.
1. Relatively elastic supply (see Diagram 3.13)
Theco-efficient of elastic supply is greater than 1(Es > 1). One percent changein the price of a commodity causes more than one per cent change in thequantity supplied of the commodity.
2. Unitary elastic supply (see Diagram 3.13)
Thecoefficient of elastic supply is equal to 1 (Es = 1). One percent change in theprice of a commodity causes an equal ( one per cent) change in the quantitysupplied of the commodity.
3. Relatively inelastic supply (see Diagram 3.13)
Thecoefficient of elasticity is less than one (Es < 1). One percent change inthe price of a commodity causes a less than one per cent change in the quantitysupplied of the commodity.
4. Perfectly inelastic supply (see Diagram 3.13)
Thecoefficient of elasticity is equal to zero (Es = 0). One percent change in theprice of a commodity causes no change in the quantity supplied of thecommodity.
5. Perfectly elastic supply (see Diagram 3.13)
Thecoefficient of elasticity of supply is infinity. (Es = α ). One percent change in theprice of a commodity causes an infinite change in the quantity supplied of thecommodity.
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11th Economics : Chapter 3 : Production Analysis : Types of Elasticity of Supply | Economics
