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Economics > Price Elasticity of Supply > Flashcards

Price Elasticity of Supply Flashcards

1
Q

What is Price Elasticity of Supply?

A

Price elasticity of supply is a measure of the extent to which the quantity supplied of a particular good changes when there is change in the price of the good, ceteris paribus.

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2
Q

PES Formula?

A

%△Qs / %△P

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3
Q

What are 5 factors affecting the Elasticity of Supply?

A

Time Period
Factor Availability
Factor Mobility
Factor Substitution
Number of Firms in the Industry

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Economics (9 decks)

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