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Blizzard [7]
3 years ago
10

All else being equal, does elastic or inelastic demand curve result in higher social surplus? How does elasticity of supply affe

ct social surplus?
Business
1 answer:
disa [49]3 years ago
7 0

Answer:

An elastic demand curve will result in higher social surplus. Social surplus equals consumer surplus plus supplier surplus, or simply total surplus. The highest possible social surplus is reached at the equilibrium point.

If a product's demand is completely inelastic, the supplier can increase the price at will, reducing consumer surplus to minimum levels. If a product's demand is completely elastic, then consumer surplus increases while supplier surplus is directly related to shifts in the demand. Higher demand increases supplier surplus.

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