AS Economics - Price Elasticity of Supply (PES)

As an experienced economics teacher with over 10 years of classroom expertise, I’ve developed this comprehensive resource on Price Elasticity of Supply (PES) to provide students with a clear and detailed understanding of this critical concept. With calculations, real-world examples, and engaging exercises, this resource is perfect for both new and experienced teachers.

What’s included:

• Definition and importance of PES:
• Clear explanation of what PES measures and why it matters in economics.
• Calculation of PES:
• Step-by-step guidance on calculating PES using the formula.
• Worked examples to demonstrate how to apply the formula in different scenarios.
• Key variables affecting PES:
• Analysis of the five critical factors influencing supply elasticity:
• Time: Short-run vs. long-run elasticity.
• Factor substitution: The ability to switch resources to production.
• Storage capacity: How stock levels impact supply responsiveness.
• Spare capacity: The role of unused resources in supply flexibility.
• Production complexity: How the nature of production processes influences PES.
• Gradient changes and elasticity:
• Exploring how the steepness of supply curves reflects varying degrees of elasticity.
• Engaging exercises:
• Practical tasks to reinforce understanding of PES concepts and calculations.
• Scenario-based questions to analyze the factors affecting PES.
• Exam-style questions with model answers:
• High-quality, syllabus-aligned questions with detailed step-by-step solutions.

Key Features:

• Comprehensive and syllabus-aligned content: Covering all aspects of PES with precision and clarity.
• Real-world examples: Connecting PES theory to practical economic situations, such as agriculture and manufacturing.
• Advanced visuals and graphs: Illustrating changes in gradients and elasticity shifts.
• Exam-focused preparation: Providing students with the confidence and tools to excel in assessments.
• Plug-and-play design: Fully prepared lessons that save time and ensure impactful teaching.

This resource provides a rich understanding of PES, from its calculation to the factors influencing supply elasticity. Accurate, engaging, and highly practical—this is a must-have for any economics teacher looking to elevate their lessons!