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Price elasticity of supply (PES)
Understand the meaning of price elasticity of supply (PES).
4
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40
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28
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90 min
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CambridgeIGCSEEconomicsThe allocation of resources
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Price elasticity of supply (PES) outcomes4 objectives
- Understand the meaning of price elasticity of supply (PES).
- Calculate the price elasticity of supply using the appropriate formula and explain what the results indicate. Create and analyze supply curve diagrams to illustrate varying levels of PES.
- Identify the main factors that determine whether supply is elastic or inelastic.
- Discuss the importance of price elasticity of supply for the decision-making processes of consumers, producers, and government entities.
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