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Inelastic Supply
Supply is said to be price inelastic if changes in price bring about changes in quantity supplied in less proportion. Thus, when price increases quantity supplied increases in less proportion, and when price falls quantity supplied falls in less proportion. The supply curve is steeply sloped and the elasticity of supply is less than one.
When price increases from P1 to P2, quantity supplied increases in less proportion from q1 to q2. This is the case when there are limited stocks of the product or the product takes a long time to produce such that when price rises, quantity supplied cannot be increased substantially.
Conversely, if price falls from P2 to P1, quantity supplied falls in less proportion from q2 to q1. This is the case of a commodity which is perishable and cannot be easily stored, e.g. fresh foods like bananas and tomatoes. These are perishable but not so highly perishable as fresh fish. When price falls, quantity supplied cannot be drastically reduced.
Lots of states have scratch offs with various different monetary payoffs. For example, the "$500 a week for life" in New York offers the payout and odds structure noted below.
MONOPOLISTIC PRACTICES The following practices may be said to characterize monopolies. Exclusive dealing to supply and collective boycott Producers agree to supply onl
Consumer Demand is how much of something that consumers are wanting. A company requires to know the consumer demand so they know how much of a product to build.
what is third degree discrimination
income generation process through investment multiplier
Question: a. What are the basic attributes in designing a good tax system? b. Explain briefly how tax systems affect economic efficiency. c. The trade unionists advocat
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Factors determining Elasticity of demand Ease of substitution. Nature of the commodity i.e. whether it is a necessity of life, luxury or addictive. Consumers
Advantages of a Free Market System Incentive: People are encouraged to work hard because opportunities exist for individuals to accumulate high levels of wealth. Choice
The following represents the section headers you should consider for your reasoned document. Each section should have (at least) two research citations to support your work :
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