Course review

2.6 Elasticity of supply

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Learning objective

2.6.1—Price elasticity of supply

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• PES equals percentage change in quantity supplied divided by percentage change in price • PES has a theoretical range of values and indicates responsiveness of supply to price • Calculation: PES, change in price, or quantity supplied from data

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Learning objective

2.6.2—PES determinants and diagrams

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• PES depends on time, factor mobility, unused capacity, ability to store, and rate of cost increases • Diagram: relatively elastic and relatively inelastic supply • Diagram: perfectly elastic, perfectly inelastic, and unitary PES along a supply curve

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