Why does supply tend to be more elastic in the long run than in the short run?

Question:

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Exploring Economics

ISBN: 9781544336329

8th Edition

Authors: Robert L. Sexton

See More Books

Question Posted: Jan 16, 2023 12:16 AM

See More Questions

Why is supply elasticity higher in the long run than in the short run?
Are market supply curves typically more elastic in the short run or in the long run? Explain.
Firms have greater flexibility in the long run than in the short run. 1. Explain why there are no fixed costs in the long run. 2. Explain how to derive a long-run average total cost curve. 3. Draw a...
Modify HashST to use a resizing array so that the average length of the list associated with each hash value is between 1 and 8 .
What is meant by tone at the top? Why is it so important to an effective system of internal controls?
The adjusted trial balance prepared December 31, for Cheryl Lester \& Company, shipping agent, contains the following accounts: Prepare journal entries to close the accounts directly to Retained...
2 In cross-cultural discussions why are nonverbal messages often more believable than verbal communication? Give examples.
Three tests have been used by various courts in common-law decisions to determine which third-party users can successfully bring a suit against the auditor for negligence. Identify each of these...
QUESTION 18 Upload a full solution to the following question. Sharminder was hired and agreed to compensation of $38.50 per hour for a regular 40 hour work week, paid bi-weekly. Calculate the...
Why is a linear demand curve more price elastic at higher price ranges and more price inelastic at lower price ranges?
How does the income elasticity of demand tell you whether a good is normal? Inferior?
Landon Corporation was organized on January 2, 2010, with the investment of $100,000 by each of its two stockholders. Net income for its first year of business was $85,200. Net income increased...
1. Mainland purchased a machine for $85,000 on 1 January 20x7 and assigned it a useful life for 10 years. On 31 March 20x9 it was revalued to $93,000 with no change in useful life. Complete the table...
Find the equation of the regression line and identify a characteristic of the data that is ignored by the regression line X 10 8 13 9 11 14 6 4 12 7 5 Y 7.46 6.77 12.74 7.11 7.81 8.84 6.08 5.39 8.15...
For each of the following independent cases, fill in the missing amounts in the table: (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable.) Case Direct Labor...
All views expressed in this paper are those of the authors and do not necessarily represent the views of the Hellenic Observatory or the LSE George Alogoskoufis Greeces Sovereign Debt Crisis:...
Current Attempt in Progress Nash Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,812,000 on March 1, $1,212,000 on June 1,...
Repeat the preceding question for a sample at 10 atm with the same specific enthalpy. Preceding question A sample of H O at a pressure of 1 atm has a specific enthalpy of 700 kJ/kg. What is its...
A 20-cm-square vertical plate is heated to a temperature of 30oC and submerged in glycerin at 10oC. Calculate the heat lost from both sides of the plate.
Explain verbally and graphically how price (rate) regulation may improve the performance of monopolies. In your answer distinguish between (a) Socially optimal (marginal-cost) pricing (b) Fair-return...
It has been proposed that natural monopolists should be allowed to determine their profit-maximizing outputs and prices and then government should tax their profits away and distribute them to...
How does monopolistic competition differ from pure competition in its basic characteristics? From pure monopoly? Explain fully what product differentiation may involve. Explain how the entry of firms...
A stock is expected to pay a dividend of $1.50 at the end of the year (i.e., D 1 = $1.50), and it should continue to grow at a constant rate of 10% a year. If its required return is 14%, what is the...
The Hobby Shop has a checking account with a ledger balance of $1,700. The firm has $2,400 in uncollected deposits and $4,200 in outstanding checks. What is the amount of the disbursement float on...
An investment will pay you $34,000 in 11 years. If the appropriate discount rate is 6.1 percent compounded daily, what is the present value? (Use 365 days a year. Do not round intermediate...

Why does supply tend to be more elastic in the long run than in the short run?

Question:

Step by Step Answer:

Just as the cost of buyers changing their behavior is lower the longer the...View the full answer

Exploring Economics

Students also viewed these Business questions