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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

Compare supply responsiveness over different time periods, explaining price inelastic supply and using short-run and long-run estimates to distinguish a larger response from elastic supply.

Syllabus
First assessment 2019
Course
Economics YEC11
Level
AS

Exam points

  • Explain price inelastic supply as a less than proportionate quantity response to a price change
  • Compare short-run and long-run responsiveness without assuming long-run supply must be elastic
  • Use the given short-run and long-run PES estimates to support the comparison

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