Cashew Nuts and Price Elasticity of Supply
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Flashcards covering key terms and concepts related to cashew nut production and price elasticity of supply (PES).
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5 Terms
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Price elasticity of supply (PES)
A numerical measure of the responsiveness of the quantity supplied to a change in the price of the product.
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Price elastic supply
The quantity supplied responds more than proportionately to a change in its price.
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Price inelastic supply
The quantity supplied responds less than proportionately to a change in its price.
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Volatile Price
Change with time, which is particularly important for manufacturers and farmers whose product quality changes, and speed and ease with which supply can respond.
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Note 
Flashcards (149)