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goods or services with highly inelastic price elasticity of supply

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Q: Name three goods or services with highly elastic price elasticity of supply. Name three goods or services with highly inelastic price elasticity of supply. Give a brief description of each of these six goods or services.

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Solution Summary

Examples of goods or services with highly inelastic price elasticity of supply are embedded in the solution.

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Answer:
Goods and services from highly elastic price elasticity of supply:
(1) Skilled labor: Price elasticity of supply of skilled labor is highly elastic. An increase in the labor wages cause the supply of skill labor to rise as the people opt to get the skill for higher wages.
(2) Supply of reproduction of Antiques: Supply of reproduction of antiques is highly elastic as ...

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  • MBA, Indian Institute of Finance
  • Bsc, Madras University
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