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    price elasticity of supply

    percentage change in the quantity supplied divided by the percentage change in price

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Questions & Answers

what is the cause of a country's population
Destiny Reply
what is producer surplus
Destiny Reply
is the excess earns btn wat a producer was willing to charge for e commodity and wat actually receives after selling it
rivan
OK good
Destiny
yeap
Bright
what is supply curve
Destiny Reply
are curve that do not obey the law of supply eg aren't +ve
rivan
half of 1%
Destiny
as in what do u mean by that
rivan
it simply shows the quantity of goods that a film is willing to supply at each price of a commodity
Destiny
OK what is the law of supply as u said
Destiny
It is the indifference curve that indicates the aggregate responsiveness of supply to the price of a commodity, and sometimes its demand of that same commodity.
Gh
nice
Destiny
pls explain how indifference curve connects to the aggregate responsiveness of supply to the price of a commodity
JOSHUA
law of supply according to me states that wen thea z higher price of commodity, the higher will be the supply and lower the supply will be for a commodity other factors remain constant
rivan
Joshua be clear to your QN plizzz
rivan
pls read Gh's comment and break down for me
JOSHUA
may be he can explain more because am am also not getting what he was meaning in that statement
rivan
plizzz GH explain to us
rivan
When demand and supply intersection
Pronoy
then it z called what
rivan
what is consumers surplus
Destiny Reply
is a difference btn consumers planned expenditure and actual experience on the commodity
rivan
OK good
Destiny
What exactly are factors that affects Demand and Supply?
Chandrapaul Reply
demand factors price o commodity size o population level o advertising season 4 commodity testes and preferences price o other related commodity level o consumers income government policy on taxation
rivan
supply factors general price level natural factor level o taxation technology political climate cost o production number o producers aggregate demand working conditions
rivan
yea___ Demographical psychographical geographical factors also account for determination of demand and supply
Gh
definition of economics
Emmanuel Reply
economics means to manage the limited resources one has in order to maximize satisfaction.
sekou
Economic is a science which study of human behavior as a relationship between and scare means which have alternative uses"
Jacob
what is price elasticity of supply
Destiny Reply
What is the law of demand and supply
Destiny
This is when there is a greater percentage change in the supply of commodities as per the percentage change in price. More producers tend to supply more when there is a higher change in the price of commodities and vice versa when price drops.
Gh
this seems to explain making decisions on the margins very clearly
JOSHUA Reply
what are the importance of studying Economics ?
Amoako Reply
Economization
Zeleman
to relate economic principles to the problems o development. exposes students to e future. acquire knowledge. etc ....
rivan
it teaches how to make choice and decisions in our homes and every across the nation
Destiny
what is price elasticity of supply
Destiny
five definition of economic s
Emmanuel
what is monopoly
Baku Reply
is a structure where one seller of a commodity has no close substitute with very many buyers
rivan
tanx
Baku
a market structure where a particular good has no close substitutes
Koushik
examples railways
Shashank
is one man business where there is no competetor/competetion and vice versa
Destiny
what is income elasticity of demand.
kwagala Reply
percentage change in quantity demanded/percentage change in income
Koushik
or is the measure of degree of responsiveness o quality demanded o the commodity to change in the income of consumer
rivan
percentage change in quantity ÷ percentage change in income
Baku
it the percentage change in quantity over percentage in surply
Destiny
the percentage change in quantity over percentage change in income at the end of the day's work done
Destiny
what is medium
Chinedu Reply
what is medium in terms of economics
Chinedu
as u mean medium of exchange or just as a word
rivan
Your question is not clear @Chinedu. In economics medium is often used in relation to time e.g medium term. So you need to be more specific on which medium you mean. Otherwise it "medium" means what it means everywhere else.
elizabeth
what is medium of exchange
JOSHUA
What is the difference between inferior goods and complementary goods
Bernard Reply
inferior goods are goods whose demand reduces as consumers income increases
rivan
while complementary goods are goods which are jointly demand
rivan
Wow thanks
Bernard
you are welcome
rivan
define the term derived demand
rivan Reply
anyone to help with QN
rivan
situation in which a product is acquired not for it's sake but to help in the production of other goods. for example we say labour has a derived demand becos labour services is required to help in the production of other goods and services.
PETER
The Market equilibrium quantity is___ tons of bolts, the socailly optimal quantity of bolt production is ____ tons
Jackie Reply
please what are the key principles of Economics?
Amoako

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Source:  OpenStax, Principles of economics. OpenStax CNX. Sep 19, 2014 Download for free at http://legacy.cnx.org/content/col11613/1.11
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