Answer :
Consumers (Demand Elasticity): Consumers might be less elastic in the short term because the decision to pave a driveway is often a significant investment,
Sellers (Supply Elasticity): Sellers, especially contractors providing paving services, might be more elastic.
People who provide driveway services can change how much they offer pretty quickly when prices change.
A supply and demand framework for paved driveways
Elasticity refers to how responsive the quantity demanded or supplied is to changes in price. In the context of paved driveways which is based on several factors, including the availability of substitutes, time horizon, and the nature of the good or service.
For a supply and demand framework for paved driveways: On one side, will show how many driveways people want (that's the horizontal line), and on the other side, will show how much they cost (that's the up-and-down line).
How many driveways people want. If the price goes down, more people will want driveways because it's a better deal. That's why the line showing how many driveways people want goes down when the price goes down.
On the other side, the people who make driveways might be more willing to make more driveways if the price goes up.
So, the line showing how many driveways they can make goes up when the price goes up.
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