Are these examples of elastic/inelastic supply products correct?
Plane tickets:
A plane ticket is an example of inelastic supply. If the price of a ticket changes, the airline cannot quickly increase the supply of seats. It takes a long time to make more planes to provide seats for customers. Therefore, as the price of a plane ticket changes, the supply does not change.
Gold:
Golf is an example of inelastic supply. The price of golf is always changing. However, there is a limited supply of gold in the world and mining and producing it is a lengthy process. Therefore, as the price of golf changes, the supply will not change very much.
Oranges:
An orange is and example of inelastic supply. Growing oranges takes a long time. If the price of oranges increase, producers cannot simply grow more oranges. They must wait for their next harvest. Therefore, as the price of oranges changes, the supply does not change.
Clothing:
Clothing is an example of elastic supply. If the price of clothing changes, the producer can account for this change in price by changing production (hiring/firing workers, increasing/decreasing shifts, ext). Therefore, as the price of clothing changes, the supply will also change.
DVD players.
A DVD player is an example of elastic supply. If the price of a DVD player changes, the producer can account for this change in price by changing production (hiring/firing more workers, increasing/decreasing shifts, ext). Therefore, as the price of DVD players changes, the supply will also change.
I agree with your answers.
Plane tickets: The statement is correct. A plane ticket is an example of inelastic supply because the airline cannot quickly increase the number of seats available in response to a change in price. Making more planes and providing more seats takes time, so the supply does not change significantly with price fluctuations.
Gold: The statement is incorrect. Gold is an example of relatively inelastic supply. While the price of gold may change, the supply of gold itself does not change dramatically in the short term. Gold mining and production processes take time and are not easily scalable. Therefore, the supply of gold does not respond quickly to price changes.
Oranges: The statement is correct. Oranges are an example of inelastic supply because the time it takes to grow oranges limits the ability of producers to rapidly increase supply in response to price changes. Producers must wait for the next harvest, so the supply remains relatively stable.
Clothing: The statement is correct. Clothing is an example of elastic supply. If the price of clothing changes, the producer can adjust their production levels by hiring or firing workers, increasing or decreasing shifts, and so on. This flexibility allows the supply of clothing to respond to changes in demand.
DVD players: The statement is correct. A DVD player is an example of elastic supply. If the price of a DVD player changes, the producer can adjust production accordingly by hiring or firing more workers, increasing or decreasing shifts, and so on. This flexibility enables the supply of DVD players to respond to changes in demand.