The elasticity of supply of perishable goods is?

Assessment: JAMB UTME - Economics - 2002 Subject: Economics

Question 1 Report

The elasticity of supply of perishable goods is?

Answer Details
The elasticity of supply of perishable goods is usually inelastic, meaning that the quantity supplied of these goods does not respond significantly to changes in their price. This is because perishable goods have a short shelf life and cannot be stored for long periods of time. As a result, suppliers are constrained by the amount of goods they can produce within a given time frame, regardless of the price. For example, a farmer may only be able to harvest a certain amount of strawberries in a day, and that limit cannot be exceeded by raising the price of strawberries. Therefore, the supply of perishable goods is usually inelastic, although there may be some variation depending on the specific product and market conditions.

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