Explaining Price Elasticity of Supply I A-Level & IB Economics

Описание к видео Explaining Price Elasticity of Supply I A-Level & IB Economics

In this new revision video, we explore the key topic of price elasticity of supply.

Price elasticity of supply measures the sensitivity / responsiveness of (quantity) supplied of a good or service to a change in the price of that good or service.

Short-hand definition of PES: can producers respond easily, quickly and without extra cost when there is an increase in demand?

#aqaeconomics #ibeconomics #edexceleconomics

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