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What is Price Elasticity of Supply about?

Price elasticity of supply (PES) measures how responsive the quantity supplied is to a change in price, calculated by dividing the percentage change in quantity supplied by the percentage change in price. PES can vary based on product type, with values greater than 1 indicating elastic supply and values less than 1 indicating inelastic supply. Factors influencing PES include resource mobility, unused capacity, storage capacity, and time to alter supply.

Author

meghasolanki

Language

EN