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Price Elasticity of Supply on a Graph definitions

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  • Supply Curve
    Graphical representation showing the relationship between price and quantity supplied, typically sloping upward.
  • Elasticity
    Measure of responsiveness in quantity supplied to changes in price, indicating how flexible producers are.
  • Perfectly Elastic Supply
    Situation where any change in price leads to infinite change in quantity supplied, depicted as a horizontal line.
  • Perfectly Inelastic Supply
    Condition where quantity supplied remains unchanged regardless of price, shown as a vertical line.
  • Unit Elastic Supply
    Supply curve passing through the origin, indicating proportional change in quantity supplied to price.
  • Elastic Supply
    Supply curve cutting through the price axis, reflecting high sensitivity of quantity supplied to price changes.
  • Inelastic Supply
    Supply curve cutting through the quantity axis, showing low responsiveness of quantity supplied to price.
  • Price Axis
    Vertical axis on a supply graph representing the price of a good or service.
  • Quantity Axis
    Horizontal axis on a supply graph representing the amount of a good or service supplied.
  • Origin
    Point where the price and quantity axes intersect, used to identify unit elastic supply curves.
  • Slope
    Degree of steepness of the supply curve, indicating the elasticity level.
  • Rotation
    Change in the supply curve’s direction on the graph, differing from demand due to upward slope.
  • Horizontal Line
    Graphical feature representing perfectly elastic supply, where price remains constant as quantity changes.
  • Vertical Line
    Graphical feature representing perfectly inelastic supply, where quantity remains constant as price changes.