Blog
A mind-boggling building job: price elasticity of supply
7th April 2011
I found this fascinating article on the BBC News website this morning about the planning, logistics and scale of building a new aircraft carrier - it’s a super example of a product with highly price inelastic supply, due to the length of time it takes to build and the sheer complexity of the operation, The building project was started in 2009 and the carrier will probably only be ready for action in 2020! However, the building time has been shortened by the use of pre-fabricated elements made elsewhere, which are then ‘simply’ fastened together on site, a bit like a giant lego set. Do make sure that you take a look at the zoomable picture of the building site!
Ruth Tarrant
Ruth has been Subject Lead in Economics at tutor2u for many years after a career of teaching Economics, Business, Politics and Maths in a range of secondary schools. She is a highly experienced A level Economics Examiner, and also teaches undergraduate Economics on a very part-time basis at the University of Oxford. Ruth is passionate about making economics fun, engaging and accessible.