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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.
1. An innovator, who creates new products and new ways to get business done, is referred to as: Select one: a. A manager. b. A capitalist. c. An entrepreneur. d. A creditor. 2
Following on papers by Pacala and Socolow,1 The Carbon Mitigation Initiative at Princeton University, http://cmi.princeton.edu/ has summarized carbon stabilization strategies at
Suppose the Bank of Canada announces that it will raise the money supply in the future but does not change the money supply today. Using the Fisher equation, explain what happens t
What is the size of the labor force if the unemployment rate is 6%, the population is 300 million, and the number unemployed is 6 million
Q. Define Effective exchange rate? Suppose that we are interested in external competitiveness of a country, let's say Japan. To do this we could look at evolution of a particul
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While referring to the "EYE on YOUR LIFE" section on page 389 of the textbook, discuss the change in the U.S. unemployment rate and inflation rate over the past year based on the P
Suppose that between January 2011 and January 2012 the total number of people employed and the unemployment rate both fell. Briefly explain how this is possible. [2 marks]
Economics Please Help! Assume that two power plants, Firm 1 and Firm 2, release sulfur dioxide (SO2) in a small urban community that exceeds the emissions standard. To meet the sta
Suppose you will receive $130 in six months and have access to an account that earns 1/2% per month. If you deposited the money into the account how much would you have 17 months f
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