ILO:
a) Understanding of price elasticity of supply
b) Use formula to calculate price elasticity of supply
c) Interpret numerical values of price elasticity of supply:
o perfectly and relatively elastic, and perfectly and relatively inelastic
d) Factors that influence price elasticity of supply
e) The distinction between short run and long run in economics and its significance for elasticity of supply
a) Understanding of price elasticity of supply
b) Use formula to calculate price elasticity of supply
c) Interpret numerical values of price elasticity of supply:
o perfectly and relatively elastic, and perfectly and relatively inelastic
d) Factors that influence price elasticity of supply
e) The distinction between short run and long run in economics and its significance for elasticity of supply
PES
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Price Elasticity of Supply
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Calculating Price Elasticity of Supply
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Factors Influence PES
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Examine two factors which determine the price elasticity of supply for housing in the UK. (8 marks)
This Matters: UK housing is broken, can anyone fix it? - BBC News
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Assess if Heinz PES for beans is perfectly elastic? (10 marks)
Inside The World's Biggest Baked Bean Factor
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Revision
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