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When is a supply curve considered elastic? What are determinants of elasticity of supply? Let's compare Picasso paintings and toothpicks. Which has an elastic or inelastic supply? For which good could you increase production at a low cost? We also go over how to calculate the elasticity of supply, including using the midpoint formula. Microeconomics Course: https://mru.io/t4w Next video: https://mru.io/19z Help us caption & translate this video! http://amara.org/v/GCsZ/ 00:00 What is the elasticity of supply? 02:37 Four determinants of elasticity of supply 02:57 1. Change in per-unit costs with increased production 05:00 2. Time horizon 06:24 3. Share of market for inputs 08:33 4. Geographic scope 10:05 Summary 10:47 Calculating elasticity 11:49 Midpoint formula
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