You thought we were gonna forget about supply, huh?

Concept #1: Price Elasticity of Supply

Practice: The price elasticity of supply measures the responsiveness of:

Practice: If a one percent decrease in the price of a pound of pound cake causes a three percent decrease in the quantity of pound cake supplied:

Practice: If a decline in the price of flags $9 to $7, caused by a shift in the demand curve, decreases the quantity of flags supplied from 5,500 to 4,500, the: