unitary
inelastic
zero
elastic
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You are wrong because the answer should be zero
service or commodity has a perfectly inelastic supply if a given quantity of it can be supplied whatever might be the price. The elasticity of supply for such a service or commodity is zero. A perfectly inelastic supply curve is a straight line parallel to the Y-axis. This is representative of the fact that the supply remains the same irrespective of the price.
The supply of exclusive items, like the painting of Mona Lisa, falls into this category. Whatever might be the price on offer, there is no way we can increase its supply.
Wrong answer again!
Perishable goods vs. Non Perishable goods: Storage capacity is not the only issue. The supplier also needs to consider whether or not the goods that they hold are perishable or not. Perishable goods have a limited shelf life and the buyers know it.
The buyers can wait for some time and producers will have to lower the prices or take the losses that arise from wastage. The supply of perishable goods is therefore highly elastic since whatever has been produced has to be disposed off at the earliest. However, when it comes to non perishable goods it has been observed that the supply is usually inelastic since producers can hold on for as long as they have to. They are under no immediate compulsion to sell and hence the supply is inelastic.
service or commodity has a perfectly inelastic supply if a given quantity of it can be supplied whatever might be the price. The elasticity of supply for such a service or commodity is zero. A perfectly inelastic supply curve is a straight line parallel to the Y-axis. This is representative of the fact that the supply remains the same irrespective of the price.
The supply of exclusive items, like the painting of Mona Lisa, falls into this category. Whatever might be the price on offer, there is no way we can increase its supply.so the right answer is be inelastic
The correct answer is D. elastic.
The elasticity of supply of perishable goods is typically elastic because producers are highly responsive to changes in price and market conditions. Perishable goods, such as fruits and vegetables, have a limited shelf life, and producers are motivated to sell them quickly to avoid spoilage. As a result, even small changes in price can lead to significant changes in the quantity supplied.
Elastic supply is characteristic of perishable goods, as producers are highly responsive to market conditions to minimize waste and maximize revenue!
Perishable goods (like fresh vegetables, fruits, fish) cannot be stored for long. Once they are produced, they must be sold immediately, regardless of price.
This means:
• Quantity supplied cannot be increased or decreased in response to price changes in the short run
• Supply is perfectly inelastic
This situation is described by Price Elasticity of Supply, where a value of zero means no responsiveness at all.
Conclusion:
Elasticity of supply of perishable goods = zero
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
service or commodity has a perfectly inelastic supply if a given quantity of it can be supplied whatever might be the price. The elasticity of supply for such a service or commodity is zero. A perfectly inelastic supply curve is a straight line parallel to the Y-axis. This is representative of the fact that the supply remains the same irrespective of the price.
The supply of exclusive items, like the painting of Mona Lisa, falls into this category. Whatever might be the price on offer, there is no way we can increase its supply.answer is c,it perfectly inelastic
