for several years in a row, the east coast cities of the nation suffered extremely cold winters. demand for home heating oil was very inelastic. how did the elasticity of supply impact the changes in price that resulted from the increased demand?

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21-10-2022
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for several years in a row, the east coast cities of the nation suffered extremely cold winters. demand for home heating oil was very inelastic. how did the elasticity of supply impact the changes in price that resulted from the increased demand?

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febyyyvaalentina febyyyvaalentina · Answer 1 · 2022-10-24T10:03:08-04:00

Supply is inelastic, therefore, the price increased more than it otherwise would have.

Elasticity of supply is a term in the world of economics to define the effect on the level of sensitivity to changes in the number of goods offered related to changes in the price of these goods. The elasticity of supply is then seen from the so-called coefficient of elasticity of supply, which is the number or percentage comparison between changes in the price of goods and changes in the number of goods offered.

The occurrence of this elasticity of supply is highly dependent on a number of factors, namely:

Availability of goods (source availability).
The number of producers who produce these goods (producer amount).
Technological innovation (innovation of technology).

You can learn more about Elasticity of supply here brainly.com/question/28192591

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