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write a note on determinates of income elasticity of demand
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
the major determinants of price elasticity of demand Use own your own help and VU handouts, and listen to VU lecture carefully
supply elasticity
A change in any one or more of these determinants of supply, or supply shifters, will move the supply curve for a product either right or left.
write a note on determinates of income elasticity of demand
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
the major determinants of price elasticity of demand Use own your own help and VU handouts, and listen to VU lecture carefully
supply elasticity
A change in any one or more of these determinants of supply, or supply shifters, will move the supply curve for a product either right or left.
A change in any one or more of these determinants of supply, or supply shifters, will move the supply curve for a product either right or left.
These three determinants are listed here: nature of commodity -the more perishable a good,lower will its elasticity of demand,middle income groups have highly elastic demand ,goods having alternative uses have elastic demand,for eg.milk
We have to study the elasticity of demand and supply so that we can know what we want to know.
The rate of change of price and the rate of change of demand as a function of price.
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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%.
The determinants of the deadweight loss in economics are the price elasticities of supply and demand.