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supply elasticity
Wiki User
∙ 13y ago
Wiki User
∙ 12y agoSupply Elasticity
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To describe explain and predict changes in the price and quantity of goods sold?
Laws of Supply and Demand explain and predict changes in the price and quantity of goods sold.
How do price changes affect equilibrium?
Price changes affect the equilibrium price and quantity by Serving as a tool for distributing goods and services.
When the quantity demanded responds strongly to changes in price demand is said to be?
elastic:elasticity is %change in q / %change in ptherefore when quantity responds strongly to price, then it is price elastic
When the quantity sold of a good changes significantly in response to changes in price its demand is?
highly elastic
Is the degree of responsive with which quantity demanded changes due to changes in the price of a product?
Yes. Imagine you are in the market to buy a sports car. A $100 increase in price is not likely to affect the quantity you will demand. However, if you are in the market for bananas a $100 increase in price will definitely affect the quantity you will demand.
To describe explain and predict changes in the price and quantity of goods sold?
Laws of Supply and Demand explain and predict changes in the price and quantity of goods sold.
What is the price of elasticity of demand?
The responsiveness of quantity demanded to changes in the price of a good
How do price changes affect equilibrium?
Price changes affect the equilibrium price and quantity by Serving as a tool for distributing goods and services.
When the quantity demanded responds strongly to changes in price demand is said to be?
elastic:elasticity is %change in q / %change in ptherefore when quantity responds strongly to price, then it is price elastic
When the quantity sold of a good changes significantly in response to changes in price its demand is?
highly elastic
When the quantity sold of a good changes significantly in response to changes in price its demand?
highly elastic
Is the degree of responsive with which quantity demanded changes due to changes in the price of a product?
Yes. Imagine you are in the market to buy a sports car. A $100 increase in price is not likely to affect the quantity you will demand. However, if you are in the market for bananas a $100 increase in price will definitely affect the quantity you will demand.
What is price changes?
price change is reaction of consumer and measure the ful effecof the change in a price of goods of the quantity purchase
If quantity demanded is completely unresponsive to changes in price demand is?
perfectly inelastic
How do prices affect equilibrium?
Price changes affect the equilibrium price and quantity by Serving as a tool for distributing goods and services.
What is elastic supply?
the situation that exists when quantity supplied changes greatly in response to a change of price.
If price changes have little effect on the quantity of a product demanded the product is said to have?
inelastic demand
