Price Elasticity of Supply * Price Elasticity of Supply: * The degree of price elasticity of supply depends on how easily - and therefore quickly - producers can shift resources between alternative uses. Unlike PED‚ there is no Total Revenue Test for Price Elasticity of Supply. * 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
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Price Elasticity of Gold Group name: In-Demand The general inverse relationship between price and demand is a key fundamental in economics. A rise in price is known to shrink demand and vice versa. However‚ another important factor in economics is the price elasticity of demand‚ which can be interpreted as the percentage change in demand relative to the percentage change in price. Basic goods tend to be of low elasticity‚ thus the change in price has little effect on demand‚ while luxury goods
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How much alcohol do teens use? Alcohol is the most frequently used drug by teenagers in the United States. About half of junior high and senior high school students drink alcohol on a monthly basis‚ and 14% of teens have been intoxicated at least once in the past year. Nearly 8% of teens who drink say they drink at least five or more alcoholic drinks in a row (binge drink). What are the dangerous effects of alcohol use in teens? Just a few of the many dangerous effects of alcohol use in teens
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is green‚ when an alcohol is oxidized by the reagent. A change in color of the reagent from orange to green represents a positive test. Primary alcohols are oxidized by the reagent to carboxylic aicds; secondary alcohols are oxidized to ketones. Tertiary alcohols are not oxidized at all by the reagent. Hence‚ this reaction can be used to distinguish tertiary alcohols form primary and secondary alcohols. Procedures: 1. Place ethanol‚ isopropyl alcohol and tert-butyl alcohol in three different
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Alcohol Facts and statistics ( www.niaaa.nih.gov-2012 ) Global Burden of alcohol abuse‚ In 2012‚ 3.3 million deaths‚ or 5.9 percent of all global deaths (7.6 percent for men and 4 percent for women)‚ were attributable to alcohol consumption.. Alcohol contributes to over 200 diseases and injury-related health conditions‚ most notably alcohol dependence‚ liver cirrhosis‚ cancers‚ and injuries. In 2012‚ alcohol accounted for 5.1 percent of disability adjusted life years (DALYs) worldwide. Globally‚
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ELASTIC DEMAND Demand is elastic when the percentage change in the quantity demanded is greater than the percentage change in the price‚ i.e. when: Percentage change in the quantity demanded > 1 Percentage change in the price Example A fall in the price of cotton in Antigua and Barbuda from $20 to $18 causes the quantity demanded to increase from units to 150 units In the figure above‚ the price range $20 to $18‚ demand is elastic. Percentage change in the quantity
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1a) Price elasticity of demand (PED) measures the degree of responsiveness of the quantity demanded of a good to a given change in price of the good itself‚ ceteris paribus. It is found by taking the percentage change in quantity demanded of good X divided by the percentage change in the price of good X. The numerical value of the price elasticity of demand is always negative due to the inverse relationship between quantity demanded and price as stated in the law of demand. When we interpret
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exchange rates are determined 2. The scarcity principle implies that A. people will never be satisfied with what they have B. as wealth increases‚ making choices becomes less necessary C. the prices of scarce goods must rise due to excess demand D. choices must be made and tradeoffs will occur 3. The ’no-free-lunch’ principle is another name for the A. cost-benefit principle B. the scarcity principle C. the ceteris paribus principle D. the marginal (not average) principle
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BUOYANCY AND ELASTICITY: DETERMINANTS OF LOCAL TAX SYSTEM ’S PERFORMANCE By: Julhusin B. Jalisan Civil servants and priests‚ soldiers and ballet-dancers‚ schoolmasters and police constables‚ Greek museums and Gothic steeples‚ civil list and services listthe common seed within which all these fabulous beings slumber in embryo is taxation. Karl Marx Every citizen‚ whether young or old‚ wealthy or poor‚ property owners or property-less‚ pays taxes to help finance governmental functions
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A STUDY ON THE CHANGE IN DEMAND FOR OUTBOUND TRAVEL DUE TO THE GLOBAL RECESSION‚ FOR RESIDENTS OF BANDRA‚ MUMBAI. UNIVERSITY OF MUMBAI LALA LAJPAT RAI COLLEGE OF COMMERCE AND ECONOMICS MUMBAI‚ MAHARASHTRA Submitted By: Dhruv Gupta Class: TYBMS – A V Semester Project Guide: Prof. Arun Poojari Academic Year : 2012-2013 CERTIFICATE This is to certify
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