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Why are both the price elasticity of demand and the price elasticity of supply likely to be greater in the long run?
Wiki User
∙ 9y ago
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.
Wiki User
∙ 9y ago
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Why study elasticity of demand and supply?
We have to study the elasticity of demand and supply so that we can know what we want to know.
What factor had the greatest influence on elasticity and in elasticity of supply?
Demand from consumers.
Elasticity of Demand and Supply with graph?
buang ka
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 price elasticity?
price elasticity is the degree of responsiveness of demand or supply to a small change in price.
Why study elasticity of demand and supply?
We have to study the elasticity of demand and supply so that we can know what we want to know.
In which situation is a forest most likely to be sustainable?
When supply is greater than demand
Elasticity as applied to demand and supply?
Do not answer this...hahah
What factor had the greatest influence on elasticity and in elasticity of supply?
Demand from consumers.
Elasticity of Demand and Supply with graph?
buang ka
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 price elasticity?
price elasticity is the degree of responsiveness of demand or supply to a small change in price.
What happens to the price if supply increases?
If the cost of supply falls for each unit of supply (a shift of the supply curve right), the change in price depends on the price elasticity of demand: Price is unchanged when price elasticity of demand is infinite. Price falls when price elasticity of demand is less than infinite.
Point elasticity of supply?
The point elasticity of supply is a measure of the rate of response of quantity demand due to a price change. The higher the elasticity, the more sensitive the sellers are to these changes.
What is the degree to which the supply or demand of something responds to changes in price?
Elasticity.
What happens when demand is greater than demand?
When demand is greater than supply a supply shortage or scarcity arises and prices increase.
What factors affect elastic of demand?
There are plenty of factors affecting elasticity of demand including climate of the area. Other factors that effect elasticity of demand include supply and group of people buying.
