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Explain why both the PES and PED tend to be inelastic in the short run for primary goods.
PED deals with (primarily) the ability and propensity of consumers to switch to other goods, which in turn deal with the availability of substitutes, the amount spent on the good and how income sensitive the good is. Taken together, in the SR, consumers are rather unwilling to switch to other goods when it comes to primary commodities, as are firms, which use such goods as factor inputs. PES deals with the availability and ease of switching to supplier substitutes, which in the SR is rather complex for commodity goods - because of seasonality of agricultural goods and the heavy investment often seen in mining for minerals.
concept of narrowness in pure economics
What is meant by dumping? Dumping is when a producing country dumps goods on foreign markets at a price lower than either the price on the home market or below the cost (HL: ma
Q. What do you meant by Real GDP? Real GDP:Value of total gross domestic product (which is, all the services and goods produced for money in the economy) adjusted for effects o
1. Implicit and explicit revenues minus implicit and explicit costs equals: A. accounting profit. B. economic profit. C. zero profit. D. implicit profit. 2. A business owner mak
what is the theory of second best? prove the theorem with the help of a diagram.
methylcyclohexene + HI by the catalyst of H3PO4
how to write the conclusion,i am doing the nike company.
What is the difference between price value and price level? Price value is the value of commodity bought by the consumer at a certain price from the market, while, price level
keynsian cross model
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