{"id":227099,"date":"2025-09-06T14:55:17","date_gmt":"2025-09-06T09:25:17","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=227099"},"modified":"2025-09-06T14:55:18","modified_gmt":"2025-09-06T09:25:18","slug":"law-of-supply-elasticity-of-supply","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/law-of-supply-elasticity-of-supply\/","title":{"rendered":"Law of Supply &#038; Elasticity of Supply, Check All Details"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.oliveboard.in\/blog\/law-of-supply-elasticity-of-supply\/#Law_of_Supply\" >Law of Supply<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.oliveboard.in\/blog\/law-of-supply-elasticity-of-supply\/#Graphical_Representation\" >Graphical Representation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.oliveboard.in\/blog\/law-of-supply-elasticity-of-supply\/#Elasticity_of_Supply\" >Elasticity of Supply<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.oliveboard.in\/blog\/law-of-supply-elasticity-of-supply\/#Determinants_of_Elasticity_of_Supply\" >Determinants of Elasticity of Supply<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.oliveboard.in\/blog\/law-of-supply-elasticity-of-supply\/#Types_of_Supply_Elasticity\" >Types of Supply Elasticity<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.oliveboard.in\/blog\/law-of-supply-elasticity-of-supply\/#Indias_Index_of_Industrial_Production_Growth\" >India\u2019s Index of Industrial Production Growth<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.oliveboard.in\/blog\/law-of-supply-elasticity-of-supply\/#Importance_in_Policy_Economy\" >Importance in Policy &amp; Economy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.oliveboard.in\/blog\/law-of-supply-elasticity-of-supply\/#FAQs\" >FAQs<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>The Law of Supply is one of the fundamental concepts of economics and forms the backbone of market analysis. It states that, all other things being equal, the quantity supplied of a good increases when its price increases, and decreases when its price falls. This positive relationship between price and supply is the foundation for understanding how markets operate.<\/p>\n\n\n\n<p>Another crucial concept linked to this is the Elasticity of Supply, which measures how responsive the quantity supplied is to changes in price. Together, these ideas are often tested in competitive exams and are important to understand for interpreting real-world economic trends.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Law_of_Supply\"><\/span>Law of Supply<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Law of Supply can be simply stated as:<\/p>\n\n\n\n<p><strong>&#8220;Higher the price, higher the quantity supplied, ceteris paribus.&#8221;<\/strong><\/p>\n\n\n\n<p>This happens because when the market price rises, producers are motivated to increase production as it leads to higher potential profits. Conversely, when the price falls, producers reduce supply.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Graphical_Representation\"><\/span>Graphical Representation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The supply curve is generally upward sloping, showing the positive relationship between price and quantity supplied.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1400\" height=\"1000\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2025\/09\/elastic_inelastic_supply.png\" alt=\"\" class=\"wp-image-227107\"\/><\/figure>\n\n\n\n<p>This chart shows two types of supply:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Elastic Supply:<\/strong> Quantity supplied changes significantly when prices change.<\/li><li><strong>Inelastic Supply:<\/strong> Quantity supplied changes very little when prices change.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Elasticity_of_Supply\"><\/span>Elasticity of Supply<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Price Elasticity of Supply (PES) measures how much the quantity supplied responds to a change in price.<\/p>\n\n\n\n<p><strong>Formula:<\/strong> <\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"473\" height=\"98\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2025\/09\/image-7.png\" alt=\"\" class=\"wp-image-227100\"\/><\/figure><\/div>\n\n\n<h3 class=\"wp-block-heading\">Interpretation<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>PES &gt; 1:<\/strong> Elastic Supply<\/li><li><strong>PES &lt; 1:<\/strong> Inelastic Supply<\/li><li><strong>PES = 1:<\/strong> Unit Elastic<\/li><li><strong>PES = 0:<\/strong> Perfectly Inelastic<\/li><li><strong>PES \u2192 \u221e:<\/strong> Perfectly Elastic<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Determinants_of_Elasticity_of_Supply\"><\/span>Determinants of Elasticity of Supply<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Several factors influence whether supply is elastic or inelastic:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>Time Period:<\/strong> Supply is more elastic in the long run as firms can adjust capacity.<\/li><li><strong>Spare Production Capacity:<\/strong> More unused capacity \u2192 more elastic.<\/li><li><strong>Availability of Inputs:<\/strong> If inputs are easily available, supply is elastic.<\/li><li><strong>Flexibility of Production:<\/strong> Industries that can quickly switch between products tend to have higher elasticity.<\/li><li><strong>Storage Ability:<\/strong> If goods can be stored, firms can adjust supply more flexibly.<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Types_of_Supply_Elasticity\"><\/span>Types of Supply Elasticity<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Type of Elasticity<\/strong><\/td><td><strong>Value of PES<\/strong><\/td><td><strong>Supply Curve Nature<\/strong><\/td><td><strong>Example<\/strong><\/td><\/tr><tr><td>Perfectly Inelastic<\/td><td>0<\/td><td>Vertical<\/td><td>Land, rare art<\/td><\/tr><tr><td>Relatively Inelastic<\/td><td>0 &lt; PES &lt; 1<\/td><td>Steep curve<\/td><td>Agricultural output in short run<\/td><\/tr><tr><td>Unitary Elastic<\/td><td>PES = 1<\/td><td>45\u00b0 curve<\/td><td>Theoretical<\/td><\/tr><tr><td>Relatively Elastic<\/td><td>PES &gt; 1<\/td><td>Flatter curve<\/td><td>Manufactured goods<\/td><\/tr><tr><td>Perfectly Elastic<\/td><td>\u221e<\/td><td>Horizontal<\/td><td>Ideal competitive markets<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Indias_Index_of_Industrial_Production_Growth\"><\/span>India\u2019s Index of Industrial Production Growth<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>To understand supply responsiveness, let us consider recent data on India\u2019s Index of Industrial Production (IIP):<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Month<\/strong><\/td><td><strong>IIP Growth (YoY %)<\/strong><\/td><td><strong>Manufacturing Growth (YoY %)<\/strong><\/td><\/tr><tr><td>June 2025<\/td><td>1.5<\/td><td>\u2013<\/td><\/tr><tr><td>July 2025<\/td><td>3.5<\/td><td>5.4<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2025\/09\/iip_growth_bar.png\" alt=\"\" class=\"wp-image-227104\" width=\"438\" height=\"292\"\/><\/figure><\/div>\n\n\n<p>This shows that industrial growth improved from June to July 2025, especially in manufacturing. A more elastic supply response allows industries to quickly increase output when demand rises, preventing inflationary pressures.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Numerical Example<\/h3>\n\n\n\n<p><strong>Example:<\/strong><br>If the price of a product increases from \u20b9100 to \u20b9120 (20% increase), and the quantity supplied rises from 200 units to 260 units (30% increase), then: <\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"209\" height=\"85\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2025\/09\/image-8.png\" alt=\"\" class=\"wp-image-227101\"\/><\/figure><\/div>\n\n\n<p>This indicates elastic supply, meaning producers respond strongly to price changes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Importance_in_Policy_Economy\"><\/span>Importance in Policy &amp; Economy<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Taxation:<\/strong> When supply is elastic, producers cannot easily pass the burden of taxes to consumers.<\/li><li><strong>Price Controls:<\/strong> Inelastic supply often leads to shortages when price ceilings are imposed.<\/li><li><strong>Economic Growth:<\/strong> Policies that improve technology, infrastructure, and resource availability increase supply elasticity, boosting long-term growth.<\/li><li><strong>Inflation Control:<\/strong> If supply is inelastic, demand shocks quickly raise prices. Elastic supply reduces this risk.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1757149922053\"><strong class=\"schema-faq-question\">Q1. What is the Law of Supply?<\/strong> <p class=\"schema-faq-answer\">The Law of Supply states that when the price of a good increases, the quantity supplied also increases, and when the price falls, the quantity supplied decreases, ceteris paribus.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1757150494478\"><strong class=\"schema-faq-question\">Q2. What is the formula of Elasticity of Supply?<\/strong> <p class=\"schema-faq-answer\">Elasticity of Supply (PES) = % Change in Quantity Supplied \u00f7 % Change in Price.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1757150506829\"><strong class=\"schema-faq-question\">Q3. What are the types of supply elasticity?<\/strong> <p class=\"schema-faq-answer\">The main types are: Perfectly Inelastic, Relatively Inelastic, Unit Elastic, Relatively Elastic, and Perfectly Elastic supply.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1757150520838\"><strong class=\"schema-faq-question\">Q4. Why is Elasticity of Supply important?<\/strong> <p class=\"schema-faq-answer\">It shows how responsive producers are to price changes, which helps in taxation, price control, and policy decisions.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1757150530456\"><strong class=\"schema-faq-question\">Q5. 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It<\/p>\n","protected":false},"author":52,"featured_media":227111,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10247],"tags":[17950,17949],"class_list":["post-227099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rbi-sebi-nabard","tag-elasticity-of-supply","tag-law-of-supply","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Law of Supply &amp; Elasticity of Supply, Check All Details<\/title>\n<meta name=\"description\" content=\"Understand the Law of Supply and Elasticity of Supply with clear definitions, formulas, charts, and real-world examples.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.oliveboard.in\/blog\/law-of-supply-elasticity-of-supply\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Law of Supply &amp; Elasticity of Supply, Check All Details\" \/>\n<meta property=\"og:description\" content=\"The Law of Supply is one of the fundamental concepts of economics and forms the backbone of market analysis. It states that, all other things being equal,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.oliveboard.in\/blog\/law-of-supply-elasticity-of-supply\/\" \/>\n<meta property=\"og:site_name\" content=\"Oliveboard\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Oliveboard\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-06T09:25:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-06T09:25:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2025\/09\/Law-of-Supply-Elasticity-of-Supply.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"730\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Priti Palit\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Oliveboard\" \/>\n<meta name=\"twitter:site\" content=\"@Oliveboard\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Priti Palit\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/law-of-supply-elasticity-of-supply\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/law-of-supply-elasticity-of-supply\/\"},\"author\":{\"name\":\"Priti Palit\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/#\/schema\/person\/c7ea833786c4ccbdc498476ffc64bb35\"},\"headline\":\"Law of Supply &#038; 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What are the types of supply elasticity?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The main types are: Perfectly Inelastic, Relatively Inelastic, Unit Elastic, Relatively Elastic, and Perfectly Elastic supply.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/www.oliveboard.in\/blog\/law-of-supply-elasticity-of-supply\/#faq-question-1757150520838","position":4,"url":"https:\/\/www.oliveboard.in\/blog\/law-of-supply-elasticity-of-supply\/#faq-question-1757150520838","name":"Q4. Why is Elasticity of Supply important?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"It shows how responsive producers are to price changes, which helps in taxation, price control, and policy decisions.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/www.oliveboard.in\/blog\/law-of-supply-elasticity-of-supply\/#faq-question-1757150530456","position":5,"url":"https:\/\/www.oliveboard.in\/blog\/law-of-supply-elasticity-of-supply\/#faq-question-1757150530456","name":"Q5. What is an example of inelastic supply?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Agricultural products in the short run are often inelastic because farmers cannot instantly change production levels.","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/posts\/227099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/users\/52"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/comments?post=227099"}],"version-history":[{"count":7,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/posts\/227099\/revisions"}],"predecessor-version":[{"id":227110,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/posts\/227099\/revisions\/227110"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/media\/227111"}],"wp:attachment":[{"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/media?parent=227099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/categories?post=227099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/tags?post=227099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}