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经济代写|宏观经济学代考Macroeconomics代写|What is the Price Elasticity of Supply?

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经济代写|宏观经济学代考Macroeconomics代写|What is the Price Elasticity of Supply?

According to the law of supply, there is a positive relationship between price and quantity supplied, ceteris paribus. But by how much does quantity supplied change as price changes? It is often helpful to know the degree to which a change in price changes the quantity supplied. The price elasticity of supply measures how responsive the quantity sellers are willing and able to sell is to changes in price. In other words, it measures the relative change in the quantity supplied that results from a change in price. Specifically, the price elasticity of supply $\left(E_5\right)$ is defined as the percentage change in the quantity supplied divided by the percentage change in price, or
$$E_{\mathrm{s}}=\frac{\% \Delta \text { in the quantity supplied }}{\% \Delta \text { in price }}$$

Calculating the Price Elasticity of Supply
The price elasticity of supply is calculated in much the same manner as the price elasticity of demand. Consider, for example, the case in which it is determined that a 10 percent increase in the price of artichokes results in a 25 percent increase in the quantity of artichokes supplied after, say, a few harvest seasons. In this case, the price elasticity is $+2.5(+25 \% \div+10 \%=+2.5)$. This coefficient indicates that each 1 percent increase in the price of artichokes induces a 2.5 percent increase in the quantity of artichokes supplied.
Types of Supply Curves
As with the elasticity of demand, the ranges of the price elasticity of supply center on whether the elasticity coefficient is greater than or less than 1 . Goods with a supply elasticity that is greater than $1\left(E_{\mathrm{S}}>1\right)$ are said to be relatively elastic in supply. With that, a 1 percent change in price will result in a greater than 1 percent change in quantity supplied. In our example, artichokes were elastic in supply because a 1 percent price increase resulted in a 2.5 percent increase in quantity supplied. An example of an elastic supply curve is shown in Exhibit 1(a).

经济代写|宏观经济学代考Macroeconomics代写|How Does Time Affect Supply Elasticities?

Time is usually critical in supply elasticities (as well as in demand elasticities) because it is more costly for sellers to bring forth and release products in a shorter period. For example, higher wheat prices may cause farmers to grow more wheat, but big changes cannot occur until the next growing season. That is, immediately after harvest season, the supply of wheat is relatively inelastic, but over a longer time extending over the next growing period, the supply curve becomes much more elastic. Thus, supply tends to be more elastic in the long run than in the short run, as shown in Exhibit 2.

In the short run, firms can increase output by using their existing facilities to a greater capacity, paying workers to work overtime, and hiring additional workers. However, firms will be able to change output much more in the long run when firms can build new factories or close existing ones. In addition, some firms can enter as others exit. In other words, the quantity supplied will be much more elastic in the long run than in the short run.
Elasticities and Taxes: Combining Supply and Demand Elasticities
Who pays the tax? Someone may be legally required to send the check to the government but that is not necessarily the party that bears the burden of the tax.

The relative elasticity of supply and demand determines the distribution of the tax burden for a good. As we will see, if demand is relatively less elastic than supply in the relevant tax region, the largest portion of the tax is paid by the consumer. However, if demand is relatively more elastic than supply in the relevant tax region, the largest portion of the tax is paid by the producer.

In Exhibit 3(a), the pretax equilibrium price is $\$ 1.00$and the pretax equilibrium quantity is$Q_{\mathrm{BT}}$-the quantity before tax. If the government imposes a$\$0.50$ tax on the seller, the supply curve shifts vertically by the amount of the tax (just as if an input price rose $\$ 0.50$). When demand is relatively less elastic than supply in the relevant region, the consumer bears more of the burden of the tax. For example, in Exhibit 3(a), the demand curve is relatively less elastic than the supply curve. In response to the tax, the consumer pays$\$1.40$ per unit, $\$ 0.40$more than the consumer paid before the tax increase. The producer, however, receives$\$0.90$ per unit, which is $\$ 0.10$less than the producer received before the tax. In Exhibit 3(b), demand is relatively more elastic than the supply in the relevant region. Here we see that the greater burden of the same$\$0.50$ tax falls on the producer. That is, the producer is now responsible for $\$ 0.40$of the tax, while the consumer only pays$\$0.10$. In general, then, the tax burden falls on the side of the market that is relatively less elastic.

宏观经济学代写

经济代写|宏观经济学代考Macroeconomics代写|What is the Price Elasticity of Supply?

$$E_{\mathrm{s}}=\frac{\% \Delta \text { in the quantity supplied }}{\% \Delta \text { in price }}$$

经济代写|宏观经济学代考Macroeconomics代写|How Does Time Affect Supply Elasticities?

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