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Understand the meaning of price elasticity of supply (PES).

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Cambridge IGCSE EconomicsThe allocation of resources

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Understand the meaning of price elasticity of supply (PES)

This point belongs to Price elasticity of supply (PES), especially Price elasticity of supply (PES) outcomes.
You need to be able to understand the meaning of price elasticity of supply (PES).
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Paper 2 structured question: Price elasticity of supply (PES)

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Description

Price Elasticity of Supply

Price elasticity of supply (PES) measures how much the quantity supplied of a good changes when its price changes. A PES greater than 1 indicates elastic supply, while a PES less than 1 indicates inelastic supply.

a
State the meaning of price elasticity of supply.
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Related learning objectives

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.
Price elasticity of supply (PES) outcomes
Identify the main factors that determine whether supply is elastic or inelastic.
Price elasticity of supply (PES) outcomes
Discuss the importance of price elasticity of supply for the decision-making processes of consumers, producers, and government entities.
Price elasticity of supply (PES) outcomes

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