price elasticity of supply (3.1.5)

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  • Created by: lee42
  • Created on: 30-05-19 16:11
What is the value for elastic supply?
PES > !
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What is the value for inelastic supply?
1 > PES > 0
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What is the value for unitary supply?
PES = 1
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what is the equation for price elastic supply?
%change in quantity supplied/%change in price
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what are the factors that affcet price elasticity of supply?
Recessionarry period, agility, perishable good,
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What is the elasticity of supply in short run?
capacity is fixed, one or more factor of production is fixed, hard to increase production, supply=inelastic
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What is the elasticity of supply in long run?
all are variables, firms can increase capacity
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Card 2

Front

What is the value for inelastic supply?

Back

1 > PES > 0

Card 3

Front

What is the value for unitary supply?

Back

Preview of the front of card 3

Card 4

Front

what is the equation for price elastic supply?

Back

Preview of the front of card 4

Card 5

Front

what are the factors that affcet price elasticity of supply?

Back

Preview of the front of card 5
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