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Price Elasticity of Supply (PES) measures how responsive the supply of a good is to price changes, calculated by the percentage change in quantity supplied divided by the percentage change in price. A PES less than 1 indicates inelastic supply, while greater than 1 indicates elastic supply, with examples showing that cars typically have a more elastic supply than strawberries due to production time and perishability. However, factors such as spare capacity and production complexities can lead to situations

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