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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.
Why are both the price elasticity of demand and the price elasticity of supply likely to be greater in the long run?
In the long run, manufacturers and producers can respond to consumer demand by analyzing trends that develop over time. Short-term, this is less practical because adjustments often cannot be made quickly enough to accommodate changes.
What do positive and negative cross elasticity indicate?
the demand for good A and the demand for good B are both price elastic
How does the equilibrium price change when both supply and demand shift to the right?
When both supply and demand shift to the right, the equilibrium price will increase if the increase in demand is greater than the increase in supply. Conversely, the equilibrium price will decrease if the increase in supply is greater than the increase in demand.
What has to happen to both the supply and demand for corn in order for the price to rise?
the supply has to go down and the demand rise
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.
Why are both the price elasticity of demand and the price elasticity of supply likely to be greater in the long run?
In the long run, manufacturers and producers can respond to consumer demand by analyzing trends that develop over time. Short-term, this is less practical because adjustments often cannot be made quickly enough to accommodate changes.
What do positive and negative cross elasticity indicate?
the demand for good A and the demand for good B are both price elastic
How does the equilibrium price change when both supply and demand shift to the right?
When both supply and demand shift to the right, the equilibrium price will increase if the increase in demand is greater than the increase in supply. Conversely, the equilibrium price will decrease if the increase in supply is greater than the increase in demand.
What has to happen to both the supply and demand for corn in order for the price to rise?
the supply has to go down and the demand rise
What happens to both the supply and demand as the price decreases?
If the price decreases then the economic law of demand & supply comes in operation with increase in demand and decrease in supply, as the producer will not supply at the price unsuitable to them in the market .
What is a vicious circle of poverty show it or explain it both demand and supply sides?
what is a vicious circle of poverty show it or explain from both demand and supply sides
What is the role of supply and demand in pure market capitalism?
Supply and demand both dictate the price of the goods sold in capitalism
Relationship between demand and supply?
1:inverse relationship between supply and demand 2:supply depends upon the demand of a commodity, that it might be positive or negative. 3:supply always depends upon demand but demand never depends to supply. 4:a supply never affects the demand of a commodity but demand always affect to its supply. 5:demand is the initial stage but supply is the stage after demand. 6:supply have a positive relations to price whereas demand has a negative relations with price. 7:supply and price has a direct relations or positive relation. 8:law of supply relates to the price and supply of a particular commodity in a particular time period. 9:price has a connections with demand and supply that it affects both supply in a positive way and demand in a negative way and if price changes then both demand and supply will change. 10:demand curve shows the changes positions of demand in a different price level of a particular commodity where demand schedule also shows the changes positions of demand in a different price level of a particular commodity, hence both have a common objectives to depict the same result in a different way.
Concepts of cross elasticity of demand and income elasticity of demand?
Cross price elasticity of demand measures the responsiveness in the quantity demand of one good when a change in price takes place in another good. Whereas, income of demand responds to the sensitivity of the quantity demanded for certain product in response to a change in consumer goods. Both concepts address the measurement of change in one respect compared to change in another.
What are two methods for calculating elasticity of demand?
Two common methods for calculating elasticity of demand are the percentage change method and the point elasticity method. The percentage change method involves dividing the percentage change in quantity demanded by the percentage change in price. The point elasticity method, on the other hand, uses calculus to calculate elasticity at a specific point on the demand curve, typically by taking the derivative of the demand function and multiplying it by the price-quantity ratio. Both methods provide insight into how sensitive consumers are to price changes.
What will happen when Aggregate demand and aggregate supply decrease?
When aggregate demand and aggregate supply both decrease, the result is no change to price. As price increases, aggregate demand decreases, and aggregate supply increases.
