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Price Elasticity of Supply
Interpretation
Calculation Principles & Formulas
Price Elasticity of Supply (PES) measures the responsiveness of the quantity supplied to a change in price. It helps producers and economists understand how production scales with market price changes. The Midpoint Method (Arc Elasticity) is commonly used to ensure consistent results regardless of the direction of change.
[Formula - Midpoint Method]
Elasticity = (% Change in Quantity) / (% Change in Price)
Specific Formula:
PES = [(Q2 - Q1) / ((Q1 + Q2) / 2)] / [(P2 - P1) / ((P1 + P2) / 2)]
Where:
Q1, Q2 = Initial Quantity, Final Quantity
P1, P2 = Initial Price, Final Price
Note: PES is typically positive due to the Law of Supply. PES > 1 is Elastic, PES < 1 is Inelastic, PES = 1 is Unit Elastic.
