International Baccalaureate Economics (Chapter 3: Elasticities) Flashcards on 3.4: Price Elasticity of Supply , created by Jasmine Wells on 11/01/2016.
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Created by Jasmine Wells
over 8 years ago
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Created by Jasmine Wells
over 8 years ago
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What is Price elasticity of supply?
What is the formula for PES?/
What does it mean when PES <1?
What happens when PES>1?
What are the three special cases of supply?
What are the 4 determinants of price elasticity of supply?
Describe llength of time relative to PES
Describe mobility of factors of production relative to PES
Describe spare capacity of firms relative to PES
Describe ability to store stocks relative to PES
Why do primary commodities tend to have lower PES than manufactured goods?
What are 2 consequences of a low PES for primary commodities?
Over the long run what occurs to the PES of agricultural products?
