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2. Which of these is NOT a factor that affects PED?

  • Habit-forming
  • Population size
  • Whether it is a necessity or a luxury

3. The gradient of an elastic supply curve is...

  • gentle
  • steep

4. Who has purchasing power over elastic goods?

  • The government
  • Consumers
  • Producers

5. What is the equation for PES?

  • PES = % change in quantity supplied / % change in price
  • PES = % change in price / % change in quantity supplied
  • PES = % change in quantity supplied x % change in price
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