LO:
a) Understanding of price elasticity of supply
b) Use formula to calculate price elasticity of supply
c) Interpret numerical values of price elasticity of supply:
e) The distinction between short run and long run in economics and its significance for elasticity of supply
a) Understanding of price elasticity of supply
b) Use formula to calculate price elasticity of supply
c) Interpret numerical values of price elasticity of supply:
- perfectly and relatively elastic, and perfectly and relatively inelastic
e) The distinction between short run and long run in economics and its significance for elasticity of supply