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micro economics > PES > Flashcards

PES Flashcards

1
Q

PES =

A

% change in quantity supplied / % change in price

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2
Q

PES

A

how responsive the supply of a good is to a change in price

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3
Q

PES > 1

A

elastic
can react quickly

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4
Q

PES = 0

A

perfectly inelastic
no effect
vertical lane

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5
Q

PES < 1

A

inelastic
can’t react quickly

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6
Q

determiners - name 3

A
  1. factor substitution possibilities
  2. spare production capacity available
  3. stock available to meet demand
  4. time frame allocated
  5. artificial limits on supply
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micro economics (18 decks)

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