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So a decrease in supply would cause the price of bananas to rise more than the quantity of bananas to fall. Figure 2 illustrates the shift of the supply curve when supply is relatively inelastic with P0 ?_ P1 increasing more than the decrease from Q0 ?_ Q1.
Figure 2 Shift of inelastic supply curve (Source: Gans et al, 2005 figure 5...
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Figure 2 illustrates the shift of the supply curve when supply is relatively inelastic with P0 ?_ P1 increasing more than the decrease from Q0 ?_ Q1.
Figure 2 Shift of inelastic supply curve (Source: Gans et al, 2005 figure 5.9 pg 98)
However, if the supply of the banana industry was relatively elastic with the elasticity greater than 1, then quantity supplied moves proportionally more than the price and hence supply is said to be elastic (Gans et al, 2005, p...
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