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Theme 1
1.2) How markets work
5). Elasticity of Supply
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Created by
Chibuike Oluigbo
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Cards (2)
What is the Price Elasticity of Supply (PES)?
It is the
measure
of
sensitivity
of the
quantity supplied
of a
good
or
service
to a
change
in
price
of that
good
or
service.
What are the determinants of PES?
Time
Stock levels
The
length
of the
production period
The
availability
of
spare capacity
The
availability
of
factors
of production
The
number
of
firms
in the
market
The
ease
of
entry
into a
market
