... elasticity of ... measures the responsiveness of quantity supplied to a change in the price
Price Supply
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Formula for ... = % change in quantity supplied / % change in price
PES
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When PES = 0, supply is perfectly ...
Inelastic
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When PES is greater than 1, supply is price ...
Elastic
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When PES is less than 1, supply is price ...
Inelastic
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When PES = Infinity, supply is perfectly ...
Elastic
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Factors that influence ... : Spare production capacity, Stocks of available finished goods, Ease and cost of acquiring extra resources and Time period and production speed
PES
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In the ... elasticity of supply is affected when there is one factor of production that is variable
Short Run
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In the ... elasticity of supply is affected when there is all factors of production of a firm are variable
Long Run
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In the ... elasticity of supply is affected when there is all factors of production are variable and additional factors outside the control of the firm can be changed
Very Long Run
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Other cards in this set
Card 2
Front
Formula for ... = % change in quantity supplied / % change in price
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