The supply of a good is inelastic if, when its price changes, the percentage change in the

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The supply of a good is inelastic if, when its price changes, the percentage change in the quantity supplied is less than the percentage change in price.

The main influences on the price elasticity of supply are the flexibility of production possibilities and storage possibilities.

Cross elasticity of demand shows how the demand for a good changes when the price of one of its substitutes or complements changes.

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Foundations Of Microeconomics

ISBN: 9780134491981

8th Edition

Authors: Robin Bade, Michael Parkin

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Question Posted: Nov 11, 2024 01:00 AM

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The supply of a good is inelastic if, when its price changes, the percentage change in the

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Foundations Of Microeconomics

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