Price elasticity of supply of food products is generally

🔑Key Points
The price elasticity of supply (PES) is the measure of the responsiveness in quantity supplied to a change in price for a specific good.
When calculating the price elasticity of supply, it is determined whether the quantity supplied of a good is elastic or inelastic.
The percentage of change in supply is divided by the percentage of price change. 
The results are analyzed using the following range of values:
PES > 1: Supply is elastic.
PES < 1: Supply is inelastic.
PES = 0: Supply is perfectly inelastic. There is no change in quantity if prices change.
PES = infinity: Supply is perfectly elastic. A decrease in prices will lead to zero units produced.
Inelastic goods: 
These are often described as necessities.
A shift in price does not drastically impact consumer demand or the overall supply of the good because it is not something people are able or willing to go without.
Examples are water, gasoline, housing, and food.
Elastic goods:
These are usually viewed as luxury items.
An increase in price for an elastic good has a noticeable impact on consumption.
Good is considered something that individuals are willing to sacrifice to save money.