PES

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Last updated 9:12 PM on 4/8/26
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4 Terms

1
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Elastic PES

Very responsive to price changes

PES> 1

Easy to be made eg. Clothes, tv

2
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Inelastic PES

Unresponsive to price change

Longer to make eg. Luxury,agriculture

PES< 1

3
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Determinants of PES

Production lag

Availability of factors of production

Factor mobility

Availability of spare capacity (buffer stock)

Barrier to enter market

4
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Buffer stock

Extra stock kept in storage