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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.
The resource based model identifies four criteria that firms can use to evaluate whether particular resources and capabilities are core competencies and can therefore, provide a ba
what is the use of national income statistics as an indicator for a country''s standard of living?
Consider an economy with the following characteristics: i. The price-level is fixed ii. The economy is closed (Exports - Imports = 0) iii. Government spending (G) and Inve
Malaysia’s Bank Negara has cut the country’s economic growth forecast to between 4 and 5 percent for 2012, weighed down by Europe’s economic woes. Discuss ONE (1) demand-management
The enrollment in a course offered by the College of Business is random and is described by the following probability distribution: there is a 9% chance of 18 students, 22% chance
use a numerical example to illustrate how credit multiplier works
what is the company lidted in NASDAQ that is included in the dow jones industrial average
What are the comparative benefit The idea of comparative benefit defines that a nation must specialise in the industries in which it has a comparative advantage. Comparative be
Write a one paragraph summary and three paragraphs that take the information in the article and relate it specifically to the circular flow model and the supply and demand curves.
How growth are improved living standards The two main benefits of growth are improved living standards and technological advancement. As an economy grows, the output of
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