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ELASTICITY (Calculation (CPE = % change Q / % change PA, IE = % change Q /…
ELASTICITY
Unit Elastic
- divide the line of Inelastic & Elastic
Perfectly Inelastic
- Elasticity = 0
Perfectly Elastic
- = infinity
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Monentary Supply
- inelastic monentary (friuts , vegetables)
- response /Q.S / immediately
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Short-Run Supply
- response / Q.S / change / after some technogically / production have been made.
- :arrow_up:output = hire works
- :arrow_down: = reduce working hour
Long-Run Supply
- response / Q.S / change / after all technogically / have been exploited
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Elasticity
- responsiviness between / P&Q
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Short- Run Demand
- permenant - (Q. bought / X change much / inelastic
- temporary - highly elastic / buyer response
- price change / permenant or temporary
Elastic Demand
- elasticities greater than 1 / >1