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Edexcel A-Level Economics AS 1.3.3 2d Distinction Between the Short Run and Long Run in Economics and Its Significance for Questions

Practise defining price-inelastic supply, comparing short-run and long-run responsiveness and applying the PES values shown in a figure.

Syllabus
First assessment 2019
Course
Economics YEC11
Level
AS

Exam points

  • define price inelastic supply as a PES between zero and one, where supply changes less than proportionately
  • explain that supply is often more inelastic in the short run but becomes more elastic over time
  • apply the values in the question, such as short-run PES 0.07 and long-run PES 0.57

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