14 Price Elasticity of Supply PES

This video explains the concept of price elasticity of supply (PES), which measures how much the quantity supplied of a product changes in response to a price change. We explore the formula for calculating PES and illustrate it with a numerical example. The video then details the five key values of PES, from perfectly inelastic (PES = 0) to perfectly elastic (PES = infinity), and discusses the visual representation of each on a supply curve diagram. Real-world examples are provided for each type of elasticity to solidify understanding. Subscribe to @AxiomTutoringCourses for more educational content.