On day 5 of our Year 12 Recap, we are continuing the topic of elasticity!
If you are in Year 13, it is essential that you are confident of the basic foundations of elasticity and can effectively weave in elasticity into your longer responses as an analytical or evaluative tool.
PES measures how responsive supply is to a change in price. This is a key bit of information for businesses and economists to understand as it governs the extent of changes in market outcomes in response to changing market conditions.
Here Jacob guides you around PES:
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