Pes 7 price7/27/2023 ![]() ![]() ![]() Supply changes at the same percentage that price changes.Ī product with a PES of 0 to 1 is said to be inelastic. When price changes a little, the supply of the product will change by a larger percentage.Ī product with a PES of 1 is said to be unit elastic. Price elasticity of supply (PES) measures how responsive supply of an item in relation to changes in its price.Ī product with a PES of more than 1 is said to be elastic. Definition – What is price elasticity of supply? ![]()
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