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How does quantity supplied of a good with a large elasticity of supply react to price change?
It will be very sensitive to price change. A change in the price will change the quantity supplied by a factor greater than 1. ps: Price elasticity of supply= (% change in quantity supplied)/(% change in price)
How does the market move from one equilibrium to another after a non price factor changes?
you buy and price moves easy
What is demand function.what are its determinants of demand function?
the determinats demand are prices and non price factor
How do you define Non-wage factor?
non -wage factors are factor that are factor without payments
What is the factor substitution effect?
The factor substitution effect refers to the change in the amount of one factor of production (like labor or capital) used in response to a change in its relative price, while keeping the output level constant. When the price of one factor decreases, firms may substitute that factor for another, leading to a reallocation of resources to maintain cost efficiency. This effect is crucial in understanding how firms adjust their production processes in response to changes in factor prices, influencing overall economic efficiency.
What is a Non price factor?
Non-price factors are actions that may influence the behavior of the market price. This is also called as shift factors or determinants that affect the accelerating change.
What is a non factor?
Non-price factors are actions that may influence the behavior of the market price. This is also called as shift factors or determinants that affect the accelerating change.
How does quantity supplied of a good with a large elasticity of supply react to price change?
It will be very sensitive to price change. A change in the price will change the quantity supplied by a factor greater than 1. ps: Price elasticity of supply= (% change in quantity supplied)/(% change in price)
How does the market move from one equilibrium to another after a non price factor changes?
you buy and price moves easy
What is demand function.what are its determinants of demand function?
the determinats demand are prices and non price factor
Non price determinints involved in change in coffee market?
Weather
How do you define Non-wage factor?
non -wage factors are factor that are factor without payments
What is the opposite of a factor?
A non-factor.
What is factor price?
the cost of factor of production
What is the factor substitution effect?
The factor substitution effect refers to the change in the amount of one factor of production (like labor or capital) used in response to a change in its relative price, while keeping the output level constant. When the price of one factor decreases, firms may substitute that factor for another, leading to a reallocation of resources to maintain cost efficiency. This effect is crucial in understanding how firms adjust their production processes in response to changes in factor prices, influencing overall economic efficiency.
What is the final price for this item, and is the price non-negotiable?
The final price for this item is 100, and the price is non-negotiable.
What is the opposite of the word factor?
non-factor
