IGCSE · Economics · Chapter 5

Ch 5 Price Elasticity of Supply: complete notes

Neat, exam-ready notebook-style notes for Ch 5 Price Elasticity of Supply, following the Cambridge IGCSE 0455 syllabus. This chapter is part of the complete IGCSE Economics 0455 Complete Notes: All 22 Chapters with Diagrams and Mark Schemes (Cambridge 2027–2029).

Free preview: Ch 5 Price Elasticity of Supply notes

A quick look at the chapter from our IGCSE Economics notes. The full chapter notes have the detailed explanations, diagrams and practice questions with answers.

Topics in this chapter

1. 2.7.1 Definition
2. 2.7.2 Calculation of PES
3. Interpreting the value of PES
4. Supply curves showing different PES
5. 2.7.3 Determinants of PES
6. Why PES matters: the effect of a change in demand

“I can” checklist: what you must be able to do

• define PES and write its formula
• calculate PES from prices and quantities, and use a PES value to predict a change in quantity supplied
• interpret PES values from perfectly inelastic to perfectly elastic
• draw supply curves showing each type of PES
• explain the determinants of PES, especially time
• explain how PES affects the result of a change in demand

What is inside the full chapter notes

• Concept notes, PES diagrams, 8 worked examples (calculations and model answers)
• Exam skills for Paper 2; common mistakes from the examiner report
• 20 Paper 1 style multiple-choice questions, explained
• One Section A data-response question and two Section B questions (Paper 2 style), all with full mark schemes
• Quick-reference table, "I can" checklist

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What you get in the pack

• All 22 chapters of the Cambridge IGCSE Economics 0455 syllabus (exams 2027–2029): the basic economic problem, demand and supply, elasticity, market failure, money and banking, workers, firms and markets, government policy, growth, unemployment, inflation, development, international trade, exchange rates and the balance of payments
• Every syllabus statement covered in order, with clear notes and economics diagrams drawn for these notes
• Worked examples (calculations and model answers), exam skills and key definitions in every chapter
• Common mistakes taken from Cambridge examiner reports, so you know where marks are lost
• 20 Paper 1 style MCQs per chapter with answers and explanations
• Original exam-style questions in the style of Paper 1 (multiple choice) and Paper 2 (structured questions), with full mark schemes (no past-paper reprints)
• Quick-reference sheet and an "I can" checklist at the end of every chapter
• Colour PDF and a black and white copy of every chapter for printing
• Independent notes; not endorsed by or affiliated with Cambridge University Press & Assessment

All chapters in this pack

1. Ch 1 The Basic Economic Problem
2. Ch 2 Markets, Demand and Supply
3. Ch 3 Price Determination and Price Changes
4. Ch 4 Price Elasticity of Demand
5. Ch 5 Price Elasticity of Supply
6. Ch 6 The Market Economic System and Market Failure
7. Ch 7 The Mixed Economic System
8. Ch 8 Money, Banking and Households
9. Ch 9 Workers
10. Ch 10 Firms and Production
11. Ch 11 Firms' Costs, Revenue and Objectives
12. Ch 12 Types of Markets
13. Ch 13 Government Intervention and Fiscal Policy
14. Ch 14 Monetary Policy and Supply-side Policy
15. Ch 15 Economic Growth
16. Ch 16 Employment and Unemployment
17. Ch 17 Inflation and Deflation
18. Ch 18 Living Standards and Poverty
19. Ch 19 Population and Economic Development
20. Ch 20 Specialisation, Free Trade and Globalisation
21. Ch 21 Foreign Exchange Rates
22. Ch 22 The Current Account of the Balance of Payments