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Exam (elaborations)

PES b questions with complete solutions

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PES b questions with complete solutions

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  • October 15, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Pes
  • Pes
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LEWISSHAWN55
PES: Elasticity of Supply
What is Elasticity of Supply (PES)? - correct answer ✔- PES measures the
responsiveness of Quantity Supplied given a change in price.


What is the formula of PES? - correct answer ✔- % change in quantity
supplied / % change in price


What is inelastic supply? - correct answer ✔- If the supply for a product
doesn't change much with a change in price.
- Therefore, firms cant increase supply easily, as it will be expensive and/or
take a long time to achieve


What is elastic supply? - correct answer ✔- If the supply for a product
changes a lot with a change


What are the reasons for elastic supply? - correct answer ✔- Production lag
- Stocks
- Spare Capacity
- Substitutability of FOPS
-Time


How does time affect PES? - correct answer ✔-Supply of most goods and
services will be fixed at any one time.
-In the long run a firm can gain more factors of production and supply more so
most products become supply elastic

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