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Unit 2.6: Price elasticity of supply (PES)

This revision page covers the definition and measurement of PES, the interpretation of the PES value, determinants of PES and the application of PES. Definition of PES Price elasticity of supply is the responsiveness of the quantity supplied of a good to a change in its price. PES is measured by the equation: % change in Qs / % change P = PES For example, if the price of lemons increases from $2 per kg to $2.50 per...

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