Elasticity of supply

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Elasticity of supply발음듣기

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We've been talking a lot about elasticities of a demand, so you were probably wondering, can we think about elasticities of a supply?발음듣기

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And as you can imagine, the answer is: of course we can!발음듣기

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And it's interesting to think about how does the quantity the percent change in quantity supplied relate to percent change in prices.발음듣기

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So, for example, let's say we have a lemonade stand of some sort.발음듣기

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So this is price on that axis and that is quantity on that axis.발음듣기

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And let's say that our supply curve looks something like that.발음듣기

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Obviously, the higher the price, the more quantity we are willing to supply.발음듣기

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And let's say at a price of $1, the quantity supplied is going to be 10 gallons/week. this is going to be 10 gallons/week.발음듣기

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So the quantity of supplies is going to be 10 gallons per week.발음듣기

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And let's say that if the price goes to $2, the quantity supplied goes to 16 gallons per week.발음듣기

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So what is the elasticity of supply, roughly, over this period right over here?발음듣기

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So the elasticity... elasticity of supply, and you can imagine how we can calculate this as % change in quantity supplied over our % change in price, so what is our percent change in price, well we went from $1 to $2,발음듣기

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(so this part right over here) is going to be we went up by $1, so we went up by $1 per gallon, so it's going up by $1,발음듣기

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and we all use our starting point as base we can do in traditionally finding of percent change because we have the same percent change ,발음듣기

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if we're going from 1 to 2, as from 2 to 1 so instead the conventionally we think about elasticity is to use the mid-point of these two, use the average of these two so 1+2 is 3, 3/2 is 1,5.발음듣기

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So it's 1 over $1.50.발음듣기

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We can say, $1,50 is right in between these two things. and 1 over $1,50 this is about 67 % roughly, so this is approximately 67% change in price based on how we just calculate it,발음듣기

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how we're using the midpoint as our base, and that are % change in quantity supplied, that's % change in quantity supplied, that's this, this right over here we went from 10 to 16,발음듣기

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so we have +6 over base of midpoint between 10 and 16, is 13. 10 + 16 is 26, divided by two is 13. 6 over 13. Which is going to be something percent.발음듣기

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We'll take calculator out, so we have 6 divided by 13, get this 46 %.발음듣기

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So this is, this right over here is 46%.발음듣기

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So we have when we had based on the way we have calculated, this 67% increase in price we had 46% increase in quantity supplied.발음듣기

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So this is 46% increase in quantity supplied, it's all we can see about elasticity of supply, it's going to be 46% over 67%, so it's going to be something less than 1.발음듣기

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We can get, so that's going to be that divided by 0,6666666... keeps going on forever, this is 0,69.발음듣기

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So this is elasticity of supply 0,69, we've back see it approximately 0,69. we've tell this, we get a smaller percent at least this price point right over here, we get a smaller percent change in quantity supplied than our percent change in price.발음듣기

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Let's think about like me did with let me talk about we do about elasticities of demand, let's think about different scenarios.발음듣기

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So let's think about, let's think about a scenario that is inelastic.발음듣기

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That is maybe perfectly inelastic.발음듣기

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So let's say that price, price and quantity.발음듣기

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So let's take me for an example - I make videos, I love making videos, this is what I want spend my days doing and I don't care about how much they pay me, or how little you pay me,발음듣기

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I guess prepaid to be enough that would maybe and I spent little bit more time making videos.발음듣기

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What else just as soon that I don't completely, I you know what you pay me a penny pro video or 0 pro video or do you pay me a $1000 pro video.발음듣기

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I'm going to just make the same number videos every day.발음듣기

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So this is the right over here videos, videos pro day on average and it's and this is the price per video.발음듣기

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And let's say no matter how much you pay - what do you pay me nothing or you pay me $1000.발음듣기

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I was going to produce on average, let's say 3 videos a day.발음듣기

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So than you have this right over here you have an perfectly inelastic perfectly inelastic supply curve.발음듣기

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Now you can have the other scenario, you can have the when you are farmer, so let me do price and quantity.발음듣기

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Now you can have the other scenario when you are farmer and you can either do crop, aid croppy, maybe it's corn and wheat.발음듣기

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And you can easily swap between the two unless this is soon for simplicity cost you the exact the same to produce one or the other.발음듣기

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So in that situation so let's say that the price of wheat pearl, let's say we're using capable price units.발음듣기

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So the price of wheat is for you know adjusting 4 units in all of that, let's say is $10 I don't know for bushels or something like that.발음듣기

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I like this simplify for the sink model right here but this right over here we're thinking about corn.발음듣기

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We're thinking about corn.발음듣기

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We're thinking about corn, and so if corn so let's say corn is right $10.발음듣기

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We're bought it for right $10 I will produce, so them let me make this clear.발음듣기

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So price of corn is $10 and the quantity of corn maybe I don't know produce, I produce 2000 bushels I know these prices are away for what a real price for bushel of corn or wheat is the same thing my quantity for wheat right here is 2000.발음듣기

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Now if the price of corn will go marginally up if the price of corn, so let me put this, so this is graph of corn.발음듣기

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So this is $10 and this is 2000 bushels pro year of something, so let's say that we're right over there,발음듣기

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now if the price for corn goes marginally up, the price for corn goes up to even $10,5 per bushel all cents awnished from wheat production to corn production, this is going to be zero and this is going to go to 4000.발음듣기

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So then, whenever we go, just as 10, line, whenever we go all the way to 4000.발음듣기

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And likewise if this price will go down if this go down like 9,95, I will shift all my production to wheat and wouldn't produce any corn.발음듣기

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And so there you see that we have the very the main curve is getting very flat and you can see based on very small percent changes in prices, I have very large percent changes in quantity supplied.발음듣기

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So this right over here is approaching, this is approaching, approaching perfect elasticity, huge changes in quantity supplied elasticity for small percent changes in price.발음듣기

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Now, the cool thing about elasticity of supply is actually much easier to make a curve that has unit elasticity or even it's easy if you have unit elasticity,발음듣기

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but if you have unit elasticity the easy as curve I can draw for unit elasticity is going look like this, much this is curve for unit elasticity,발음듣기

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it will be curve looks like that and the reason why it works in this case is upwards sloping as price increases so as quantity increase for the supply curve so that any point here the 2 are going to be proportional.발음듣기

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So a given change in quantity and a given change in price they are going to represent the same percentages.발음듣기

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Because as price is increasing, what this is we have large price, or we have medium price, you have medium quantity.발음듣기

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When you have a large price, you have large quantity.발음듣기

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So these steps are going to be the same percentage of I wonder you have small prices, you have small quantity.발음듣기

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It's much easier to construct a curve, a supply curve that has unit elasticity, than this is to construct a normal demand curve that has unit elasticity.발음듣기

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