Elasticity

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  • Created by: Lottie
  • Created on: 20-09-12 08:57

Elasticity

PES

·         Price elasticity of supply: % change in quantity supplied/ % change in price

·         Determinants: level of spare capacity, state of economy, ease of entry into market

PED

·         Price elasticity of demand: %  change in quantity demanded/% change in price

·         Determinants:

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