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there were many economists like pigou,marshall and dada bhai naoroji who said about demand and supply theory.
Elijah Koch
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How is elasticity of supply related to elasticity of demand?
Elasticity of supply refers to the responsiveness of guantity supplied of a commodity to changes in its own price. And the formulafor measuring elasticity of supply percentagechange in quantity supplied/ %change in price
What is the point at which the quantity of aggregate goods and services demanded equals the quantity produced?
This is when demand and supply are said to be in "Equilibrium" when both demand and supply are exactly the same. Hopes this helps! Akmed Ommbejumba
What is sticky wage theory?
It is an economic theory that states that wage rates are said to be "sticky" when they do not respond quickly to changes in demand or supply. An example would be employment contracts. If an economy is in recession or expansion, and the prices are either rising or falling, the wages of contract-bound employees do not change with economic changes.
Adam Smith said that each person makes decisions based upon?
Adam Smith said that each person makes decisions based upon supply and demand.
Why demand curve is horizontally curve?
horigontal demand curve means perfectly elasticity..i.e ed=infinity.in this case price is fixed and what ever change in demand will not effect the price.it can be said that supply of good in not limited in this case..i.e why it not effect the price with change in demand.
How is elasticity of supply related to elasticity of demand?
Elasticity of supply refers to the responsiveness of guantity supplied of a commodity to changes in its own price. And the formulafor measuring elasticity of supply percentagechange in quantity supplied/ %change in price
What is the point at which the quantity of aggregate goods and services demanded equals the quantity produced?
This is when demand and supply are said to be in "Equilibrium" when both demand and supply are exactly the same. Hopes this helps! Akmed Ommbejumba
What is sticky wage theory?
It is an economic theory that states that wage rates are said to be "sticky" when they do not respond quickly to changes in demand or supply. An example would be employment contracts. If an economy is in recession or expansion, and the prices are either rising or falling, the wages of contract-bound employees do not change with economic changes.
Is glut an adjective?
No, glut is a noun. It means an excessive amount (especially said of goods in greater supply than demand).
Adam Smith said that each person makes decisions based upon?
Adam Smith said that each person makes decisions based upon supply and demand.
Why demand curve is horizontally curve?
horigontal demand curve means perfectly elasticity..i.e ed=infinity.in this case price is fixed and what ever change in demand will not effect the price.it can be said that supply of good in not limited in this case..i.e why it not effect the price with change in demand.
What are elimination of excess demand and excess supply?
D. EquilibriumWhen supply and demand are equal (i.e. when the supply function and demand function intersect) the economy is said to be at equilibrium. At this point, the allocation of goods is at its most efficient because the amount of goods being supplied is exactly the same as the amount of goods being demanded. Thus, everyone (individuals, firms, or countries) is satisfied with the current economic condition. At the given price, suppliers are selling all the goods that they have produced and consumers are getting all the goods that they are demanding.As you can see on the chart, equilibrium occurs at the intersection of the demand and supply curve, which indicates no allocative inefficiency. At this point, the price of the goods will be P* and the quantity will be Q*. These figures are referred to as equilibrium price and quantity.In the real market place equilibrium can only ever be reached in theory, so the prices of goods and services are constantly changing in relation to fluctuations in demand and supply.
What is the H1N1 vaccine supply and demand?
North Carolina was said to have found the swine flu first but, the first person to die from the swine flu was in New Mexico
When is a market in equilibrium?
In elementary economics equilibrium is the intersection between the supply and demand curves. When quantity supplied is said to equal quantity demanded the market has then reached equilibrium.
Who said 'Supply creates its own demand'?
Someone who has a large quantity of something he needs to get rid of quickly.
For whom to produce?
It is said that the question of "for whom to produce" is answered by the market forces in a free market economy. Supply and demand are said to be the market forces. Demand here means people who have enough money to pay on the goods supplied to the market. So it can be said that companies produces for those that have enough money to pay for their goods that already have a cost and a margin that must be gained.
Whom to produced?
It is said that the question of "for whom to produce" is answered by the market forces in a free market economy. Supply and demand are said to be the market forces. Demand here means people who have enough money to pay on the goods supplied to the market. So it can be said that companies produces for those that have enough money to pay for their goods that already have a cost and a margin that must be gained.
