Economics - 0455 CIE

Price Elasticity Of Supply (PES)

Muhtasari

When the price of a good rises, every producer would like to supply more, but some can react in minutes while others need months or even years. Price elasticity of supply puts a number on that responsiveness. It is the difference between a software firm that can serve a million extra downloads overnight and an apple grower who must wait a whole season for the next crop.

In this lesson you will calculate PES with the standard formula, read off what the value means from perfectly inelastic to perfectly elastic, draw the supply curves for each case, and explain the real influences, spare capacity, stocks, time and factor mobility, that make supply elastic or inelastic. By the end you will both compute and interpret PES with confidence.

Malengo

  1. calculation of PES using the formula
  2. interpretation of the significance of the PES value: perfectly inelastic, inelastic, unitary, elastic, perfectly elastic
  3. drawing and interpretation of supply curve diagrams to show different PES
  4. main influences on whether supply is elastic or inelastic

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Maelezo ya Somo

Knowing how quickly supply can respond to price tells firms whether they can profit from a price spike, and tells governments how a tax or subsidy will feed through to quantity. PES questions reward two skills together: a correct calculation and a clear interpretation of what the number means.

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Tathmini ya Somo

Hongera kwa kukamilisha somo la Price Elasticity Of Supply (PES). Sasa kwa kuwa umechunguza dhana na mawazo muhimu, ni wakati wa kuweka ujuzi wako kwa mtihani. Sehemu hii inatoa mazoezi mbalimbali maswali yaliyoundwa ili kuimarisha uelewaji wako na kukusaidia kupima ufahamu wako wa nyenzo.

Utakutana na mchanganyiko wa aina mbalimbali za maswali, ikiwemo maswali ya kuchagua jibu sahihi, maswali ya majibu mafupi, na maswali ya insha. Kila swali limebuniwa kwa umakini ili kupima vipengele tofauti vya maarifa yako na ujuzi wa kufikiri kwa makini.

Tumia sehemu hii ya tathmini kama fursa ya kuimarisha uelewa wako wa mada na kubaini maeneo yoyote ambapo unaweza kuhitaji kusoma zaidi. Usikatishwe tamaa na changamoto zozote utakazokutana nazo; badala yake, zitazame kama fursa za kukua na kuboresha.

  1. Price rises 10% and quantity supplied rises 5%. The PES is: A. 2.0 (elastic) B. 0.5 (inelastic) C. 1.0 (unitary) D. 0 (perfectly inelastic) Answer: B
  2. A vertical supply curve shows supply that is: A. perfectly elastic B. unitary C. perfectly inelastic D. elastic Answer: C
  3. Which factor tends to make supply more price elastic? A. perishable goods that cannot be stored B. plenty of spare productive capacity C. a very short time period D. inputs that cannot be switched to the good Answer: B
  4. A straight-line supply curve drawn from the origin has a PES of: A. 0 B. less than 1 C. exactly 1 D. infinity Answer: C
  5. Price rises 6% and quantity supplied rises 18%. Supply is: A. inelastic, PES 0.33 B. unitary, PES 1 C. elastic, PES 3 D. perfectly inelastic Answer: C

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Vitabu Vinavyopendekezwa

Cambridge IGCSE and O Level Economics Coursebook
Cambridge IGCSE and O Level Economics Coursebook
Manukuu: Second edition
Mchapishaji: Cambridge University Press
Mwaka: 2018
ISBN: 978-1-108-44038-7
Maelezo: Endorsed coursebook with full coverage of the 0455/0987 syllabus, diagrams and exam-style questions.
Complete Economics for Cambridge IGCSE and O Level
Complete Economics for Cambridge IGCSE and O Level
Manukuu: Third edition
Mchapishaji: Oxford University Press
Mwaka: 2018
ISBN: 978-0-19-840982-3
Maelezo: Endorsed textbook covering the Core and Supplement content with case studies and questions.

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