What Are the Determinants of the Price Elasticity of Supply

Essay

What are the determinants of the price elasticity of supply and how does each affect elasticity?
Price elasticity of supply depends on the flexibility of sellers to changes in price. For resources like land of a specific type and location, there is practically no flexibility. For manufactured products, there is greater flexibility. In most markets, the time period over which supply is measured is a key determinant. Over short time periods, supply curves tend to be less elastic and over longer periods, supply curves tend to be more elastic.