Long-run behavior, Microeconomics

Assignment Help:

 

The Long-Run Behavior of Natural Resource Prices

Observations

– Exhaustion of copper has increased by a hundred fold from 1880 through 1998 signifying a large increase in demand.

– The actual price for copper has stayed relatively constant.

Changes in Market Equilibrium

2154_long run curve.png

Conclusion

– Reduction in the costs of production have increased the supply by more than enough to balance the increase in demand.


Related Discussions:- Long-run behavior

What is expenditure function, What is Expenditure Function? The Expendi...

What is Expenditure Function? The Expenditure Function: When preferences satisfy the local nonsatiation assumption, in that case v(p, m) will be strictly increasing into m.

Uses of national income statistics, Uses of national income statistics: ...

Uses of national income statistics: - It helps to organize economic data and activities. - It helps to classify economic activities into various segments or sectors. - It he

3, . Crumble Corporation produces cookies. Here is the relationship betwee...

. Crumble Corporation produces cookies. Here is the relationship between the number of workers and output (in dozens of cookies) in a given day: Workers Output Marginal Product

What is high-powered money, What is "high-powered money"?  The "high-po...

What is "high-powered money"?  The "high-powered money" is the similar as monetary base, which is defined, at the minimum, as the sum of the currency in circulation (banknotes

Land resources , Normal 0 false false false EN-IN X-N...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Managerial economics, what is budget line?show the shift in the budget line...

what is budget line?show the shift in the budget line

Economics 304 , 1. Implicit and explicit revenues minus implicit and explic...

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

MRTS & MRS, What is the difference between MRTS & MRS?

What is the difference between MRTS & MRS?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd