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ELASTICITY (TYPES OF ELASTICITY (Price Elastic Supply (PES)
(% ∆ Qs) / (%…
ELASTICITY
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DETERMINANTS PED & PES
Price Elasticity Demand (PED)
:check: availability of close substitutes
:check: necessities vs luxuries
:check: time horizon
:check: definition of the market
Price Elasticity of Supply (PES)
:check: time period
:check: ability of sellers to change amount of good they produce