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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the formula for calculating PES?
💡 Hint: Look for how percentage changes relate in economics.
Question 2
Easy
If a producer responds to price increases by increasing quantity supplied, is the supply elastic or inelastic?
💡 Hint: Consider the responsiveness to price changes.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does PES stand for?
💡 Hint: Think about the economic concept related to supply.
Question 2
When is supply considered elastic?
- When PES < 1
- When PES = 1
- When PES > 1
💡 Hint: Focus on the definitions of elasticity.
Solve 2 more questions and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
If the price of a luxury car increases by 30% but the quantity supplied only increases by 10%, what does this signify in terms of PES? Discuss the implications.
💡 Hint: Consider the relationship between percentage changes.
Question 2
Evaluate the effects of a technology improvement on the PES of smartphones. What would happen, and why?
💡 Hint: Think about how advancements in production speed affect supply.
Challenge and get performance evaluation