For some companies, developing the ability to quickly ramp up production and delivery will be very profitable. Others would ...

Learn the basics of price elasticity of supply and demand and how each influences a company’s production of goods and pricing strategy.

Goods and services can be either elastic or inelastic. Elastic means the product is more sensitive to price changes, such as luxury goods and non-necessary items. Inelastic means the product is ...

If the market price goes up, firms are likely to increase the number of goods they are willing to sell. This concept is known as elasticity of supply. It is important for consumers who need a ...