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What is a percent of change?
change of any quantity divided by its original quantity
A change in quantity supplied is the result of what?
a change in quantity supplied is the result of
Constant is a quantity that does not?
Constant is a quantity that does not change.
How does a change in one quantity affect the change in other quantities?
Feedback in general is the process in which changing one quantity changes a second quantity, and the change in the second quantity in turn changes the first.Positive feedback amplifies the change in the first quantity while negative feedback reduces it.....
What is a measure of the way quantity supplied reacts to a change in price?
It is Price Elasticity of Supply. It is defined as the ratio of a percentage change in quantity supplied to the percentage change in price (which brought about the change in quantity supplied).
What is the measure of the way quantity supplied reacts to change in price?
It is Price Elasticity of Supply. It is defined as the ratio of a percentage change in quantity supplied to the percentage change in price (which brought about the change in quantity supplied).
The measure of the way quantity supplied reacts to change in price is?
It is Price Elasticity of Supply. It is defined as the ratio of a percentage change in quantity supplied to the percentage change in price (which brought about the change in quantity supplied).
Economics what is the arc elastic?
measure of the average responsiveness of quantity to price over an interval of the demand curve. = change in quantity/ Quantity ___________________________ change in price/ Price
A constant is a quantity that does not do what?
Change.
How does quantity supplied of a good with a large elasticity of supply react to price change?
It will be very sensitive to price change. A change in the price will change the quantity supplied by a factor greater than 1. ps: Price elasticity of supply= (% change in quantity supplied)/(% change in price)
How do you Explain the difference between change in supply and change in quantity supplied?
A change in supply means that the supply curve has shifted. With a stable demand, this will result in a change in the quantity supplied but also a change in price. A change in only quantity supplied without a change in supply would require a horizontal supply curve. Alternatively a change in quantity supplied and price may occur if there is a shift of the demand curve.
What is the percent of change when the original quantity is greater than the new quantity?
The percentage change is always 100*(new-old)/old provided the old is non-negative. If the original quantity is greater than the new quantity, the percentage change will be negative - no big deal.
