Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

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.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

PES Formula?

A

%△Qs / %△P

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly

economics (7 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions