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Feb 26 2008, 6:24 PM EST
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Change: does not existis ano Total Revenue Test for Price Elasticity of Supply. Because Therethere is a direct relationship between Price & Total revenue, they always move together.DETERMINANT OF PRICE ELASTICITY OF SUPPLY: TIME!THREE PERIODS: Market period--> short run --> long run Price
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Sep 27 2007, 5:46 PM EDT
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Change: (time is too short for any response) It has a Vertical Supply Curve (meaning it is inelastic) Price Elasticity of Supply: the Short Run (fixed-plant period): supply is more elastic, but not terribly so, as the time period is short The period of time is
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Sep 27 2007, 11:43 AM EDT
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Change: than that of the supply curve in the long run Price Elasticity of Supply: the Long Run (variable-plant period): supply becomes more elastic over a longer period of time. Why? because over time, new technology will adapt to the
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Sep 26 2007, 9:00 PM EDT
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Change: PERIODS:PERIODS: Market period--> short run --> long run Price Elasticity of Supply: the Market Period: The period that occurs when the time immediately after a change in market price is too short for producers to respond with a change in quantity supplied. Suppliers cannot be
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Sep 26 2007, 9:19 AM EDT
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Change: they are minimally affected. Volatile Gold Prices Price of gold is volatile, sometimes shooting upwardupwards one moment and shootingdramatically downwarddecreasing the next. This happens because of shifts in demand and highly inelastic supply. Gold production is expensive and time consuming to process.
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Sep 26 2007, 8:16 AM EDT
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Change: antiquesAntiques and reproductionReproduction antiques are impossible to reproduce because these product have high inelastic supply. price of the product is only slightly affected by the changes of supply and demand. Even though some other products are found, they are minimally affected. Volatile Gold Prices Price of
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Sep 26 2007, 7:54 AM EDT
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Change: Because There is a direct relationship between Price & Total revenue, they always move together.DETERMINANT OF PRICE ELASTICITY OF SUPPLY: TIME!THREE PERIODS: Market period--> short run --> long run Price Elasticity of Supply: the Market Period: The period that occurs when the
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Sep 24 2007, 10:28 AM EDT
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Change: production and output by working longer hours, having workers work overtime, and using all available resources to the max Price Elasticity of Supply: the Long Run (variable-plant period): supply becomes more elastic over a longer period of time. Why? because over time, new technology
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Sep 24 2007, 8:21 AM EDT
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Change: need to produce the needsame foroutput. gasoline;When butgiven overtime time,to asadjust,producer thecan carintroduces fuel getsefficient oldmachinese, and gasproduction pricescost arewill stilldrop high,and peopleyield willmore switchquantity tosupplied. moreThus PES fuel-efficient
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Sep 20 2007, 10:23 AM EDT
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Change: really small amount that notminimally affectable.affected. Volatile Gold Prices Price of gold is volatile, sometimes shooting upward and shooting downward the next. This happens because of shifts in demand and highly inelastic supply. Gold production is expensive and takes a lot of time with all the processesconsuming
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Sep 20 2007, 8:48 AM EDT
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Change: <--Graph: as the time increases, supply becomes more elastic; the slope decreases (becomes less slanted), thus a small change in price yields a huge change in quantity suppliedApplications of Price Elasticity of Supply: antiques and reproduction antiques are impossible to reproduce because these product have high inelastic supply.
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Sep 20 2007, 8:32 AM EDT
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Change: There were only format changes (bold, italics, etc.) in this version. See this version for details.
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Sep 20 2007, 8:20 AM EDT
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Change: is the major determinant of the price elasticity of supply!!! ex. in the long-run, firms have time to change their size and adjust their production plants to suit whatever new product they want to produce.Applications of Price Elasticity of Supply: antiques and reproduction antiques are impossible
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Sep 20 2007, 3:33 AM EDT
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Change: Unlike PED, there does not exist a Total Revenue Test for Price Elasticity of Supply. Price Elasticity of Supply: the Market Period: The period that occurs when the time immediately after a change in market price is too short for producers to respond with a change in quantity supplied.
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Sep 19 2007, 12:34 AM EDT
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Change: that not affectable. Volatile Gold Prices Price of gold is volatile, sometimes shooting upward and shooting downward the next. This happens because of shifts in demand and highly inelastic supply. Gold production is expensive and takes a lot of time with all the processes to get it.
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Sep 16 2007, 8:59 PM EDT
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Change: size and adjust their production plants to conservesuit whatever new product they moneywant to produce. Applications of Price Elasticity of Supply: antiques and reproduction antiques are impossible to reproduce because these product have high inelastic supply. price of the product is only
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Sep 16 2007, 7:48 AM EDT
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Change: gasoline; but over time, as the car gets old and gas prices are still high, people will switch to more fuel-efficient cars Price Elasticity of Supply: the Long Run:demand is more elastic as the time period is longer Why? because over time, new
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Sep 14 2007, 2:50 AM EDT
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Change: Why? because over time, new technology will adapt to the change in price to create more efficiency, and more time is allowed to allocate resources to a different field or allocate more resources to the same field ex. in the long-run, people would buy
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Sep 13 2007, 10:00 AM EDT
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Change: - produces-produces can shift resources between alternative uses. Price Elasticity of Supply: the Market Period: The period that occurs when the time immediately after a change in market price is too short for producers to respond with a change in quantity supplied. Suppliers cannot be
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Sep 11 2007, 5:53 PM EDT
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Change: Elasticity of Supply: antiques and reproduction antiques re impossible to reproduce that these product have high inelastic supply. price of the product is only slightly effected by the changes of supply and demand. Even thought some other products are found, those are really small amount that not effectable.
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