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Elasticity of Supply:
Elasticity of supply can be defined as proportionate change in supply of a commodity due to proportionate change in price of a commodity.

Types of Elasticity of Supply:
(1) Perfectly Elastic Supply:
A commodity with a perfectly elastic supply implies that the supply of the commodity in market changes without any change in price of commodity. It has an infinite elasticity. In such case supply curve is horizontal line and parallel to X axis.

(2) Relatively Elastic Supply :
The supply of commodity is relatively elastic, if the proportionate change in supply of commodity is greater than proportionate change in price. In other word, the supply of the commodity is more responsive to change in its price. For example, if the price of commodity changes by 5 percent and due to this change, the supply of commodity is changed by 10 percent. then the elasticity of supply relatively more elastic.

(3) Unitary Elastic Supply:
The supply of commodity is unitary elastic, if the proportionate change in supply of commodity is equal to proportionate change in price. For example if the price of commodity changes by 5 percent and due to this change, the supply of commodity is also changed by 5 percent, then the elasticity of supply is unitary elastic.

(4) Relatively Inelastic Supply:
The supply of commodity is relatively inelastic, if the proportion change in supply of commodity is less than proportionate change in price. In other word, the supply of the commodity is less responsive to change in its price. For example if the price of commodity changes by 10 percent and due to this change, the supply of commodity is changed by 5 percent, then the elasticity of supply is relatively less elastic.

(5) Perfectly Inelastic Supply:
A commodity with a perfectly inelastic supply implies that whatever the price of commodity, its supply remain same. Here, supply of the commodity is not responsive to change in its price. The elasticity of supply for such commodity is zero. In such case supply curve is vertical line and parallel to Y axis.

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