What you’ll learn5 learning objectivesChoose one objective for a focused lesson, or study the complete topic.2.3.1Price elasticity of supply• Definition of price elasticity of supply (PES)Syllabus objective2.3.2PES formula• Formula for and calculation of price elasticity of supplySyllabus objective2.3.3PES coefficient• Significance of relative percentage changes, the size and sign of the coefficient of price elasticity of supplySyllabus objective2.3.4PES determinants• Factors affecting price elasticity of supplySyllabus objective2.3.5PES and firm response speed• Implications for speed and ease with which firms react to changed market conditionsSyllabus objective