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What is Elasticity of Supply Economics about?

Price Elasticity of Supply (PES) measures how quantity supplied responds to price changes, calculated as the percentage change in quantity supplied divided by the percentage change in price. PES can be classified into elastic, inelastic, unitary, perfectly elastic, and perfectly inelastic supply, each defined by the relationship between changes in price and quantity supplied. Factors affecting PES include time of production, availability of resources, mobility of factors of production, level of capacity, an

Author

dannygold360

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EN