PowerPoint Presentation
Hodder & Stoughton Limited 2015Price elasticity of
supplyAS/Year 1 Microeconomics tutorialAQA A-level EconomicsPrice
elasticity of supply(PES)PES measures the responsiveness of
quantity supplied to a change in price
Formula:
percentage change in quantity supplied percentage change in
price
AS/Year 1 Microeconomics Hodder & Stoughton Limited
20152
AQA A-level EconomicsElastic or inelastic?Elastic supplyIf the
firm is able to increase supply quickly in response to a change in
price, then supply is said to be price elastic in supply
Inelastic supplyIf the firm is unable to increase supply quickly
in response to a change in price, then supply is said to be price
inelastic in supply
AS/Year 1 Microeconomics Hodder & Stoughton Limited
20153
AQA A-level EconomicsFactors determining PESTime
Weather conditions
Ease of access to specialist equipment
Planning permission and other government restrictions
Stocks
Spare capacity
AS/Year 1 Microeconomics Hodder & Stoughton Limited
20154
AQA A-level EconomicsShort and long-run supplyAS/Year 1
Microeconomics Hodder & Stoughton Limited 20155
AQA A-level Economics
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