Price Elasticity of Supply

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  • Created by: linapoli
  • Created on: 16-10-17 14:51
What does PES measure?
The relationship between change in quantity supplied following a change in price.
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What is the PES formula?
% change in quantity supplied ÷ % change in price
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When is supply price elastic?
When PES > 1
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Which of these factors affect PES?
Spare production capacity
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Other cards in this set

Card 2

Front

What is the PES formula?

Back

% change in quantity supplied ÷ % change in price

Card 3

Front

When is supply price elastic?

Back

Preview of the front of card 3

Card 4

Front

Which of these factors affect PES?

Back

Preview of the front of card 4

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