price elasticity of supply

Question 1

what is the equation of price elasticity of supply?

Answer 1

percentage change in supply/percentage change in price

Question 2

what is the purpose of pes?

Answer 2

pes is a measure of responsiveness of supply to a change in price

Question 3

what is price elastic?

Answer 3

when supply is relatively responsive to a change in price. it is notated when the pes more than one

Question 4

what is price inelastic?

Answer 4

when supply is relatively unresponsive to a change in price. it is notated when the pes less than one

Question 5

what is unitary price elastic?

Answer 5

when a change in supply is directly proportional to a change in price. it is notated as 1

Question 6

what is price perfectly inelastic?

Answer 6

when a change in price has no effect on supply it is notated as infinity

Question 7

what is price perfectly inelastic?

Answer 7

when quantity supply changes independent of a change in price it is notated as 0