How Markets Work - Price Elasticity of Supply

This is a revision presentation on price elasticity of supply

This is a topic that in the last couple of years has been badly answered by many students! So expect plenty of questions on it! Understand the meaning and measurement of price elasticity of supply and then work through the main factors that influence price elasticity of supply. Why is it in many markets that supply is unresponsive to changes in demand. Yet in other industries, supply can change almost immediately? You may have to calculate and interpret numerical values of price elasticity of supply so get those calculators ready!