2.8 PES Flashcards
1
Q
What is PES
A
PES reveals how responsive quantity supplied is to changes in price
2
Q
Formula of PES
A
PES = (percentage change of quantity supplied) / (percentage change of price)
3
Q
What factors affect PES
A
Time
Availability of resources
Number of firms
Storage
4
Q
Draw a perfectly inelastic PES graph
A
5
Q
Draw a relatively inelastic PES graph
A
6
Q
Draw a unitary elasticity PES graph
A
7
Q
Draw a relatively elastic PES graph
A
8
Q
Draw a perfectly elastic PES graph
A
