Supply and Demand

Unit Elastic Supply.

Perfectly Elastic Supply.

Perfectly Inelastic Supply.

Relatively Inelastic Supply.

It becomes perfectly elastic since robots can produce indefinitely without increasing cost per unit produced.

It doesn't change because technology only affects quality, not quantity produced or supplied at given prices.

It makes it more elastic due to increased efficiency in production processes allowing for greater responsiveness to price changes.

It makes it less elastic because new technologies create barriers to entry due to higher costs.

Supply becomes perfectly inelastic as the industry is unable to respond to any price manipulations due to the tax.

The industry's price supply would likely become less elastic since producers have less scope for changing production levels.

Elasticity would increase as producers rush to produce and sell more before smoking rates potentially decline.

The tax has no effect on elasticity since it is a price change from a government action rather than natural market forces.

They would leave production unchanged despite the price change.

They would increase production by a smaller percentage than the percentage change in price.

They would increase production by a greater percentage than the percentage change in price.

They would double production in response to any price change.

Unit Elastic Supply

Perfectly Inelastic Supply

Relatively Inelastic Supply

Perfectly Elastic Supply

Reduce prices on existing product lines significantly below competition's pricing structure.

Enhance features on existing models without full redesigns or advancements.

Increase marketing efforts significantly around existing technology offerings.

Accelerate development and release of new technologically advanced products.

Perfectly Inelastic Supply

Unit Elastic Supply

Relatively Inelastic Supply

Relatively Elastic Supply

Producer surplus may increase due to higher prices for producers.

Producer surplus may decrease because of reduced consumer demand at higher prices.

Producer surplus will remain unchanged as the quantity demanded will eventually adjust to new prices.

Producer surplus is unaffected since a price floor only impacts consumer surplus and deadweight loss.

The goods or services that could have been produced instead with the resources used for manufacturing extra winter coats.

The increase in storage costs due to higher inventory of winter coats.

The total cost of materials and labor for making the extra winter coats.

The revenue generated from selling the additional winter coats.

Production will cease as prices rise.

Producers will slightly increase production.

Producers will significantly increase production.

Production will stay constant regardless of price changes.