Exam (elaborations)
Microeconomics PES questions and answers verified 2024
- Module
- Institution
Microeconomics PES questions and answers verified 2024
[Show more]
Seller
Follow
LEWISSHAWN55
Reviews received
Content preview
Microeconomics PESWhat is price elasticity of supply? - correct answer ✔a measure of how much
the quantity supplied of a good responds to a change in the price of that good
What is the PES formula? - correct answer ✔% Change in quantity supplied /
% change in price
My Pes value is bigger than one, what kind of good is it? - correct answer
✔Elastic
My pes value is smaller than one, what kind of good is it? - correct answer
✔Inelastic
My pes value is zero, what kind of good is it? - correct answer ✔Perfectly
inelastic
My pes is infinite, what kind of good? - correct answer ✔Perfectly elastic
What affects PES? - correct answer ✔- spare capacity
- stocks of finished product available
- factor mobility and substitution
- time frames for production
What does an elastic supply curve look like for PES - correct answer
✔Upsloping but a gentle tangent upwards, not steep
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LEWISSHAWN55. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £10.72. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
84669 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now