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PES 1.2.5 - Coggle Diagram
PES 1.2.5
PES always positive
- 0 supply is perfectly inelastic
- infinite supply is perfectly price elastic
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- 1 supply is unit price elastic
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PSST
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- Substitutability of factors of production
- the more price elastic supply is.
- e.g. vans have a hugher demand so a car factory can move workers from making cars to making vans
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