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Microeconomics PES questions and answers verified 2024
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Microeconomics PES questions and answers verified 2024
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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
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