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What else can I help you with?
How is quantity affected by price changes?
supply elasticity
Why study elasticity of demand and supply?
We have to study the elasticity of demand and supply so that we can know what we want to know.
What is the primary determinant of elasticity of supply?
A key determinant of the price elasticity pf supply is the availability of alternative products. The more choices consumers have, the more elasticity the price must have.
When supply is relatively inelastic elasticity of supply es?
zero
What factor had the greatest influence on elasticity and in elasticity of supply?
Demand from consumers.
How is quantity affected by price changes?
supply elasticity
Why study elasticity of demand and supply?
We have to study the elasticity of demand and supply so that we can know what we want to know.
What is unitary elasticity supply?
A unitary-elastic supply indicates a good with a supply-price elasticity of one, which means that a 1% change in price increases supply by 1%.
What is elastic point?
The elastic point is a theoretical concept used in economics to determine the price elasticity of supply or demand. It represents the point on a demand or supply curve where elasticity is equal to one, indicating a unitary elastic response to price changes. At this point, a percentage change in price leads to an equal percentage change in quantity demanded or supplied.
When supply is relatively inelastic elasticity of supply es?
zero
What is the primary determinant of elasticity of supply?
A key determinant of the price elasticity pf supply is the availability of alternative products. The more choices consumers have, the more elasticity the price must have.
What factor had the greatest influence on elasticity and in elasticity of supply?
Demand from consumers.
What is the price elasticity of supply for a laptop?
The elasticity of supply establishes a quantitative relationship between the supply of a commodity and it’s price. Hence, we can express the numeral change in supply with the change in the price of a commodity using the concept of elasticity. Note that elasticity can also be calculated with respect to the other determinants of supply. However, the major factor controlling the supply of a commodity is its price. Therefore, we generally talk about the price elasticity of supply. The price elasticity of supply is the ratio of the percentage change in the price to the percentage change in quantity supplied of a commodity. Es= [(Δq/q)×100] ÷ [(Δp/p)×100] = (Δq/q) ÷ (Δp/p) Δq= The change in quantity supplied q= The quantity supplied Δp= The change in price p= The price
How does an increase in the supply of a good affect the elasticity of its supply?
An increase in the supply of a good typically leads to a decrease in the elasticity of its supply. This means that the quantity supplied does not change as much in response to changes in price.
The different between point elasticity and arc elasticity What problem can arise in the calculation of latter ang how its usually dealt it?
Point elasticity measures the responsiveness of quantity demanded or supplied to a change in price at a specific point on the demand or supply curve, using calculus for precise computation. In contrast, arc elasticity calculates the elasticity over a range of prices and quantities, providing an average elasticity over that interval. A common problem with arc elasticity arises from its sensitivity to the choice of starting and ending points, leading to potential biases. This is often addressed by using the midpoint (or average) method, which reduces the impact of the direction of the price change on the calculated elasticity.
Difference between arc and point elasticity?
1) Point elasticity is measured by the ratio of the lower segment of the curve below the given point to uppa segment the super part of the curve above the point. 2) Arc elasticity is measured by the use of mid point between the old & the new figures in the case of both prine and qualitiy demonded.
Elasticity as applied to demand and supply?
Do not answer this...hahah
