pes Flashcards
1
Q
what does BRITS stand for
A
barriers to entry, raw materials, inventory, time, spare capacity
2
Q
what is PES
A
the responsiveness of quantity supplied to a change in price
3
Q
what can firms do to be more responsive to price changes
A
use latest tech, create spare capacity, improve storage to have a longer product life, keep large amounts of stock,train employees to be ready for job rotations
4
Q
what is the formula for PES
A
% change in q supplied / % change in price
5
Q
is the price elastic supply curve shallow or deep
A
shallow
6
Q
is the price inelastic supply curve shallow or deep
A
deep
