How responsive is Quantity Supplied to changes in Price? The elasticity of supply is an important concept in microeconomics as it relates to a business's ability to adjust its production and its production facility in response to market developments. Think of some examples of products and businesses that would have various degrees of elasticity of supply and share them here.

For example, what would be the elasticity of supply for an original piece of art? What does this imply for the adjustment in this market to a change in demand?

How would you describe the elasticity of supply for a product such as peaches, plums, and other tree fruit? Consider first a brief period, such as weeks, and next a much longer period such as five years. How does the time horizon influence market adjustment when there is a change in demand?

Explain these examples and provide a few of your own examples, citing any resources used. Post by replying to the discussion.