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Define elasticity of supply. What factors influence Elasticity of Supply? There is only one type of identifiable elasticity of supply measuring the responsiveness of market supply to changes in the price of the product. Factors- 1. Time factor- There are three supply periods based on the time factors he Momentary period, short period and the long period. In the momentary time period, the elasticity supply is zero 2. Ability to store the product- The product which can be stored for a longer periods are more able to react the price rises by releasing stocks or to price falls by building up stocks 3. Barrier to entry- Some industries restricts the entry of new firms into the market and this influences the responsiveness of supply to changes in price 4. The behavior of costs as output changes- If costs rise supply as output rises so that there are heavy costs involved in purchasing extra factors of production.
What is this underlined phrase above referring to in the chapter lecture? Select one: a. Physical capital b. Social capital c. Human capital d. Entrepreneurship e. Growth com
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Subsidy programs are likely to have a number of secondary effects in addition to the direct effect on dairy prices. What impact do you suppose farm subsidies are likely to have on
Ask question difference between static multiplier and dyanamic multiplier
The World Trade Organization is a successor organization to the A.United Nations. B.World Bank. C.International Court of Justice. D. GATT.
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explain money market equilibrium?
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P and Y are both endogenous variables and according to the quantity theory of money we need P.Y = constant. If we divide both sides by P we get Y = constant / P. Because Y = Y D i
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