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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 using diagrams. (10 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