why do not give answers
is the long run elasticity of demand is ever smaller than the short run elasticity of demand.
No. It's more elastic in the long run than the short 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: 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.
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
is the long run elasticity of demand is ever smaller than the short run elasticity of demand.
No. It's more elastic in the long run than the short 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: 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.
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
LoL........LSC students.
Both.
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.
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.
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.
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.
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.