Supply Wrap Up

1.  Supply Schedule and Curve

2. Inelastic Supply

Rice is a product with an inelastic supply, because it takes approximately 6 months for it to grow and be harvested, so they cannot rapidly increase supply. 

3. Elastic Supply

Cake would have an elastic supply, because the supply for sweets will quickly increase around times like Easter or other holidays and it is not difficult to increase supply.

4. Increase and Decrease Schedule

5. Increase and Decrease Curves