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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.
Aggregate demand and Say's Law Y D = Y S in the classical model (Say's law) Aggregate demand Y D is defined as quantity of nationally produced
Explain the law of diminishing marginal returns using the example of a factory which is currently running at half capacity and employs more staff
Because discretionary Income = the money people have left over once they have paid for all of their basic needs (Food, Clothing, Shelter). You could also call it Disposable Inc
The following information has been extracted from the recently published accounts of Noddy Plc: Balance sheet as at 31 st May
In a regression analysis, three independent variables are used in the equation based on a sample of forty observations. What are the degrees of freedom associated with the F-statis
Good X is produced in a competitive market using input A. Explain what would happen to the supply of good X in each of the following situations. The price of input A decreases.
1. Lake Kickapoo, TX, is approximately 12 km in length by 2.5 km in width. The inflow for the month of April is 3.26 m3/s and the outflow is 2.93 m3/s. The total monthly precipitat
Capitalism is the dominant, most used form of government there is in the globe today. Presently, over 80% of countries use capitalism and a free market economy.
Singer suggests that although the right to sell blood does not threaten the formal right to give blood, it is incompatible with "the right to give blood, which cannot be bought, wh
In "Kitchen Nightmares", Chef Gordon Ramsa visits struggling restaurants and gives the owners of the restaurant a number of recommendations intended to reverse the restaurant's pro
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