Industry''s long-run supply curve, Microeconomics

Assignment Help:

The Industry's Long-Run Supply Curve

* Long-Run Elasticity of Supply

1) Constant-cost industry

Long run supply is horizontal
Small increase in price will induce extremely large output increase
Long run supply elasticity is considerably large
Inputs would be available readily

2) Increasing cost industry

Long run supply is sloping upward and elasticity is positive
The slope will depend on rate of increase in input cost
Long run elasticity will usually be greater than short run elasticity of supply

Related Discussions:- Industry''s long-run supply curve

Organic protons and electrons, Organic biochemistry is really as well as bi...

Organic biochemistry is really as well as biochemistry. This is because the as well as atom is the central source of all existing creature's substances. 8 protons and 8 electro

Microeconomies, Why some country saving less and consumption more?

Why some country saving less and consumption more?

What is heterodox economics, Q. What is Heterodox Economics? Heterodox ...

Q. What is Heterodox Economics? Heterodox Economics:Different schools of thought (including post-Keynesian, Marxian, structuralist and institutionalist economics) which reject

PPC help, I don''t understand PPC at all

I don''t understand PPC at all

International trade, compare and contrast adam smith''s theory of absolute ...

compare and contrast adam smith''s theory of absolute advantage theory and david ricardo''s comparative advantage theory of international trade.

Change in consumer income, Change in consumer income: A change in consum...

Change in consumer income: A change in consumer income may bring about a change in the quantity demanded of a good or service. However, the direction of change in quantity deman

Slutsky theorem - graphical presentation, Slutsky's Theorem: Graphica...

Slutsky's Theorem: Graphical Presentation We prove here that own price effect is the sum of own substitution effect and income effect for a price change, which is known

Indirect utility functions, Indirect Utility Functions: Let qi denotes...

Indirect Utility Functions: Let qi denotes commodity i and pi is the price of that commodity. Let y denotes money income of the consumer. Suppose vi = pi/y. The budget constra

Explain supply of the commodity, The law of supply is that producers will s...

The law of supply is that producers will supply more the higher the price of the commodity. The supply curve is an upward sloping function showing a direct relationship among pric

Equations, Ask q3x+5=20 uestion #Minimum 100 words accepted#

Ask q3x+5=20 uestion #Minimum 100 words accepted#

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages