Unit 2.8 - Paper 2 Exam Practice Questions[2][2][2][2][3][4]Answers(a) Define the term price elasticity of supply (PES). [2](b) State two reasons why understanding price elasticity of supply is important for firms. [2](c) Describe how the production process time affects the price elasticity of supply for a product. [2](d) Assume that the price for school canteen meals is $5 and the daily quantity supplied is 600 meals....