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10 cards from this deck
Responsiveness of quantity supplied to price changes
% change in Qs% change in P\frac{\% \text{ change in Qs}}{\% \text{ change in P}}% change in P% change in Qs
PES>1PES > 1PES>1 (Qs changes more than price)
PES<1PES < 1PES<1 (Qs changes less than price)
PES=1PES = 1PES=1 (Qs and price change by same %)
Horizontal - infinite quantity supplied at one price
Vertical - fixed quantity regardless of price
Time - longer time periods make supply more elastic
Easier storage makes supply more elastic
More spare capacity makes supply more elastic
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