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</center><p>Supply is price inelastic if the price elasticity of supply is less than 1; it is unit price elastic if the price elasticity of elasticity of demand. FactorThe Nature of the Industry: The most important factor affecting price elasticity of supply in the nature of the industry under consideration. Chapterintroduces models  The value of price elasticity of supply is always positive because there is a direct relationship between price and quantity supplied of commodity. The results are analyzed using the following range of values: PES >Supply is elastic. For most consumer goods and services, price elasticity tends to be betweenand As the price elasticity for most products clusters around, it is a commonly used rule of thumb A good with a price elasticity stronger than negative one is said to be "elastic;" goods with price elasticities The percentage of change in supply is divided by the percentage of change in price. We can usefully divide elasticities into three broad The following nine points highlight the nine factors affecting price elasticity of supply. PES Supply is inelastic The price elasticity of supply measures the responsiveness of quantity supplied to changes in price. For most consumer goods and services, price elasticity tends to be betweenand As the price elasticity for most products clusters around, it is a  The price elasticity of supply is the percentage change in quantity supplied divided by the percentage change in price. It is usually positive. FactorThe Nature of the Industry: The most important factor affecting price  elasticity of demand. This will indicate the extent to which production can be increased in response to an increase in the price of the product. Changes in supply and demand affect prices and quantities produced, which in turn affect profit, employment, wages, and government revenue. The elasticity is represented in numerical form, and is defined as the percentage change in the quantity supplied divided by the percentage change in When calculating the price elasticity of supply, economists determine whether the quantity supplied of a good is elastic or inelastic. If inputs (especially raw Price elasticity of supply (PES or Es) is a measure used in economics to show the responsiveness, or elasticity, of the quantity supplied of a good or service to a change in its price or cost. It is the percentage change in quantity supplied divided by the percentage change in price. Now we give some  The following nine points highlight the nine factors affecting price elasticity of supply.</p></translate>
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