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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.

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Cambridge IGCSE EconomicsThe allocation of resources

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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

  • This point belongs to Price elasticity of supply (PES), especially Price elasticity of supply (PES) outcomes.
  • You need to be able to 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.
  • The key ideas to know are Calculate, Explain, and Discuss.
  • Use the linked flashcards and practice questions to check recall, then practise applying the idea in an exam-style answer.

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CalculateExplainDiscuss

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This objective helps connect Price elasticity of supply (PES) outcomes to exam-style questions, flashcards, and revision notes for Price elasticity of supply (PES).

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Paper 2 structured question: Price elasticity of supply (PES)

Paper 2Structured Questions4 marks

Description

Smartphone Market

In the last year, the price of smartphones increased by 25%, leading to a 50% increase in the quantity supplied.

  1. a

    Calculate the price elasticity of supply (PES) for smartphones.

    Aim for approximately 2 distinct marking points.

    [2]
  2. b

    Explain what the PES result indicates about the supply of smartphones.

    Aim for approximately 2 distinct marking points.

    [2]
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