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Econ Theme 1 > Price Elasticity of Supply (PES) (12) > Flashcards

Price Elasticity of Supply (PES) (12) Flashcards

1
Q

Define PES

A

Measures the responsiveness of quantity supplied given a change in price

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2
Q

PES Formula

A

%△ QS/ %△ P

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3
Q

Inelastic and Elastic Supply

A

> 1 Supply is Elastic
< 1 Supply is Inelastic
0 Supply is Perfectly Price Inelastic
∞ Supply is Perfectly Price Elastic
1 Supply is Unit Price Elastic

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4
Q

PSSST

A
  • Production Log
  • Stocks
  • Spare Capacity
  • Substitutability of factors of production
  • Time
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Econ Theme 1 (20 decks)

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