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SingaporeEconomicsQuick questions
Elasticity and Its Applications
Quick questions on Price elasticity of supply explained: H2 Economics
4short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is the role of time?Show answer
Economists distinguish three time frames:
What is q1?Show answer
Price rises 5 percent and quantity supplied rises 2 percent. Calculate PES and classify it. [2 marks]
What is q2?Show answer
Explain why supply is more elastic in the long run. [3 marks]
What is q3?Show answer
Give one example of a good with perfectly inelastic supply and explain why. [2 marks]
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