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PES - short answer


Question 1

How would you expect the price elasticity of supply for houses to change over time? Explain your answer. (5 marks)

Question 2

Rank the following products according to the value of their price elasticity of supply, starting with the most elastic. Give reasons for your answers.

(a) Computers
(b) Houses
(c) Strawberries
(d) Olives
(e) Ice cream