PES Flashcards
1
Q
PES Formula
A
% Change QS / % Change P
1
Q
What PES value for Elastic supply
A
Greater than 1
2
Q
What PES value for inelastic supply
A
Less than 1
3
Q
What PES value for unitary elastic supply
A
1
4
Q
Which factors influence PES
TEASS
A
Time
State of Economy
Availability of Factors of Production
Spare Capacity
Stockpiles and Perishability
5
Q
What PES value for perfectly inelastic supply
A
0
6
Q
What PES value for perfectly elastic supply
A
Infinity
