1/3
Looks like no tags are added yet.
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai |
|---|
No analytics yet
Send a link to your students to track their progress
Elastic PES
Very responsive to price changes
PES> 1
Easy to be made eg. Clothes, tv
Inelastic PES
Unresponsive to price change
Longer to make eg. Luxury,agriculture
PES< 1
Determinants of PES
Production lag
Availability of factors of production
Factor mobility
Availability of spare capacity (buffer stock)
Barrier to enter market
Buffer stock
Extra stock kept in storage