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Is The supply curve more or less elastic in the long run than the short run?
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How does the quantity supplied of a good with a large elasticity of supply react to a price change?
Demand for a good can be elastic at a low price but inelastic at a high price. YouRE VERY WULCOM novanet ANSWER =)
A Is the market supply curve for a product more or less price elastic than the supply curve of one of the firms in the market Why?
The market supply curve of a product is more price elastic than the supply curve of one of the firms in the market. The reason is that for any given price change, the market quantity response reflects the change in output of all the firms in the market.
Examples of price elasticity of supply?
some examples of elastic and inelastic supply are:elastic:Gasoline is a really good example. When gasoline prices dip, everyone drives in to fill up their tank. In this case, when price drops slightly, quantity purchased jumps drastically. Although people "need" gasoline, people will tend to treat it as an elastic product.inelastic:Products like Tobacco or Insulin. Although prices may increase for these products, customers will not hesitate to engage in a transaction. This is especially true with products like insulin which is literally a matter of life and death. The only reason why production companies like this don't increase prices of insulin is because of fear of government regulation.Note: the above answers are wrong. They are about elasticity of DEMAND, not SUPPLY like the question calls for. Goods with an elastic supply are those that require little capital, no hard-to-find resources, and no skilled labor force. The more of these items a good requires, the less elastic its supply will be.
How Luxury goods are price elastic?
Luxury products are elastic, in comparison to necessity products which are inelastic. Luxury goods are elastic because for a change in price there is a more than proportionate change in quantity. e.g. If the price of a luxury good increases, less people will purchase the good because it is not necessary in their lives - they can do without it.
Is The supply curve more or less elastic in the long run than the short run?
more
How does the quantity supplied of a good with a large elasticity of supply react to a price change?
Demand for a good can be elastic at a low price but inelastic at a high price. YouRE VERY WULCOM novanet ANSWER =)
A Is the market supply curve for a product more or less price elastic than the supply curve of one of the firms in the market Why?
The market supply curve of a product is more price elastic than the supply curve of one of the firms in the market. The reason is that for any given price change, the market quantity response reflects the change in output of all the firms in the market.
Examples of price elasticity of supply?
some examples of elastic and inelastic supply are:elastic:Gasoline is a really good example. When gasoline prices dip, everyone drives in to fill up their tank. In this case, when price drops slightly, quantity purchased jumps drastically. Although people "need" gasoline, people will tend to treat it as an elastic product.inelastic:Products like Tobacco or Insulin. Although prices may increase for these products, customers will not hesitate to engage in a transaction. This is especially true with products like insulin which is literally a matter of life and death. The only reason why production companies like this don't increase prices of insulin is because of fear of government regulation.Note: the above answers are wrong. They are about elasticity of DEMAND, not SUPPLY like the question calls for. Goods with an elastic supply are those that require little capital, no hard-to-find resources, and no skilled labor force. The more of these items a good requires, the less elastic its supply will be.
How Luxury goods are price elastic?
Luxury products are elastic, in comparison to necessity products which are inelastic. Luxury goods are elastic because for a change in price there is a more than proportionate change in quantity. e.g. If the price of a luxury good increases, less people will purchase the good because it is not necessary in their lives - they can do without it.
Difference between elastic anelastic and plastic deformation?
In case of elastic deformation when the applyed stress disappears, the material returns in its initial form. In case of plastic deformation a remaining shape change occurs. Until a stress value - what is property of individual material - called flow stress, the material deforms elastically, afterwards plastically. You can find information about it for example in the following page: http://www.virginia.edu/bohr/mse209/chapter6.htm ## Please somebody correct my awful english, thanx ##
A reduction in an input price will cause a change in quantity supplied but not a change in supply?
When the price of one or more inputs rise, producing the good is less profitable, and firms supply less of it. If input prices rise substantially, a firm might shut down and supply no good at all. Thus, the supply of a good is negatively related to the price of the inputs used to make the good.(mankiw, Principles of Economics 4th Ed, page 74)
Who are not good candidates for liposuction?
Older patients have less elastic skin and therefore may not be good candidates for this procedure. Patients with generalized fat distribution, rather than localized pockets, are not good candidates.
Demand for ipod is elastic or inelastic?
Ipods are elastic. When the price drops people buy more, when it rises people buy less.
How do technology change supply?
It changes supply by how much is bought. The more technology that is bought, the less supply there is. The less that is bought, the more supply there is.
How does the cost of resources effect supply?
If the cost to make a thing increases the price of the thing, then there might be less demand. If there is less demand, then there will be a buildup of inventory. Over time, fewer suppliers will make the good and the supply will decrease from over supply to a lower equilibrium point.
Is steel is more elastic then rubber?
No, because rubber stretches then snaps back into place. Spring steel might be as elastic as rubber BUT normal steel is much less elastic than rubber.
