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What is Short run and long run price elasticity of demand?
is the long run elasticity of demand is ever smaller than the short run elasticity of demand.
Is a firm's demand for labor curve is more elastic in the short run than in the long run?
No. It's more elastic in the long run than the short run.
How does demand tend to be more elastic in the short run than in the long run?
In the short run, consumers have fewer options to adjust their purchasing behavior, making demand more sensitive to price changes. In the long run, consumers have more time to find substitutes or adjust their budgets, making demand less elastic.
Short run and long eprice elasticity of demand?
Short Run: A time period in which the amounts of some inputs are fixed. Long Run: During which there is sufficiently long to allow full flexibility in all inputs used.
What are different types of demand distinctions?
1.producer's goods and consumer's goods 2.durable goods and non durable good 3.derived demand and autonomous demand 4.industry demand and company demand 5.short run demand and long run demand 6.short term demand fluctuations and long term trends 7.total market and market segments
What is Short run and long run price elasticity of demand?
is the long run elasticity of demand is ever smaller than the short run elasticity of demand.
Is a firm's demand for labor curve is more elastic in the short run than in the long run?
No. It's more elastic in the long run than the short run.
How does demand tend to be more elastic in the short run than in the long run?
In the short run, consumers have fewer options to adjust their purchasing behavior, making demand more sensitive to price changes. In the long run, consumers have more time to find substitutes or adjust their budgets, making demand less elastic.
Short run and long eprice elasticity of demand?
Short Run: A time period in which the amounts of some inputs are fixed. Long Run: During which there is sufficiently long to allow full flexibility in all inputs used.
What are different types of demand distinctions?
1.producer's goods and consumer's goods 2.durable goods and non durable good 3.derived demand and autonomous demand 4.industry demand and company demand 5.short run demand and long run demand 6.short term demand fluctuations and long term trends 7.total market and market segments
Why do you think is important for managers to understand the mechanics of supply and demand both in the short run and in the long run?
LoL........LSC students.
Would you expect the price elasticity of demand for electricity for residential use in India to be higher or lower in the short run as compared with the long run?
Both.
What are the key differences between long run and short run equilibrium in economics?
In economics, the key difference between long run and short run equilibrium is the time frame in which adjustments can be made. In the short run, some factors are fixed and cannot be changed, leading to temporary imbalances in supply and demand. In the long run, all factors are variable, allowing for adjustments to reach a stable equilibrium.
Why would the demand for natural gas be more inelastic in the short run than in the long run?
Natural gas is inelastic in the short term because the amount of natural gas available does not tend to increase with demand. In the long run prices can become more elastic due to the ability to adjust your overall consumption of natural gas to match the supply.
Why the short run demand curve is usually less elastic than the long run demand curve?
this was just covered in econ 201 today...people have less time to adapt and find substitute goods in the short-run, but as time passes they are able to find substitutes, making it more elastic.
What are the key differences between monopolistic competition in the short run and long run?
In the short run, firms in monopolistic competition can make profits or losses due to varying demand and costs. In the long run, firms can only make normal profits as new firms enter the market, increasing competition.
What are the key differences between short run and long run equilibrium in economics?
In economics, the key difference between short run and long run equilibrium is the time frame in which adjustments can be made. In the short run, prices and wages are sticky and cannot adjust quickly, leading to temporary imbalances in supply and demand. In the long run, prices and wages are flexible and can adjust to reach a new equilibrium, resulting in a more stable market.
