University of the Philippines Los Baños

College of Economics and Management

Department of Agricultural and Applied Economics
AAE 120
Agricultural Marketing I

LEARNING LOG: Week 5

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Name: LOPEZ, JHUN JHUN T. Section: AAE 120 Section C Student No.: 2018-04344
Date: October 19, 2020 Unit: 4

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Start Time: 10:00 Module: 1-2
End Time: 11:30

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Evaluation of the
I have learned that… I have a question about...

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Module
Elasticity is the ratio of the percentage change in Upon increasing the quantity supplied due to an increase in 1. SA

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dependent and independent variable. This concept is also own price, do we expect less losses? 2. SA
present in the supply just like the demand on the previous 3. A

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chapter. Elasticity of supply refers to how responsive the
quantity supplied of a good or service is if there is a change

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in the own price of a particular product, wage and interest
rate. Elasticity of Supply can also be graphically

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represented and interpreted as Perfectly inelastic, Inelastic,
Unitary elastic, Elastic and Perfectly Elastic. This module

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helped in determining the point of elasticity of supply by
using the formula ∆ Q/Q / ∆ P/P.
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I also learned in this module the flow of computation as
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well as the interpretation of values obtained upon
computing. Furthermore, I was able to practice myself in
getting elasticity of supply in different situations such as in
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own price, wage elasticity of supply labor and interest rate

elasticity of supply of loanable fund.
Under linear form of s supply, I have learned that errors
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can be accounted through epsilon which I didn’t know

honestly.
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 Just like the demand, there are also factors affecting
elasticity of supply such as the availability of resource
inputs, growing period, ease of shifting, time dimension
and goods considered in the agricultural supply curve.
If you are not yet evaluating a module because you are still studying it, just leave the cell blank.
1. More time should be allowed for this module.
2. The module contains too many contents.
3. I find the module useful or practical.

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SA (Strongly Agree), A (Agree), D (Disagree), SD (Strongly Disagree)

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