Determinants of Elasticity of Supply

a) Time: A longer time period allows producers to make adjustments in quantity in response to price changes. Hence, a longer period gives a higher elasticity.

b) Cost and Feasibility of storage: Goods that are costly to store will have a low elasticity of supply. Goods that will soon decay will be supplied within a short period (after the harvest) in the market irrespective of price levels; their elasticity of supply will be very low.