Elasticity of supply

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Created by
Precious Jasmin

Subdecks (1)

Cards (21)

  • Elasticity of supply

    Rate at which qty supplied of a good changes due to a change in any other factor affecting supply.
  • Interpretation of P.E.S
    • P.E.S values less than 1 are said to be inelastic supply.
    • P.E.S value more than 1 are said to be elastic supply.