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Elastic Supply
The price elasticity of supply (PES or Es) is a measure used in economics to show the responsiveness, or elasticity, of the quantity supplied of a good or service to a change in its price. The elasticity is represented in numerical form, and is defined as the percentage change in the quantity supplied divided by the percentage change in price. When the elasticity is less than one, the supply of the good can be described as ''inelastic''; when it is greater than one, the supply can be described as ''elastic''.Png, Ivan (1999). pp. 129–32. An elasticity of zero indicates that quantity supplied does not respond to a price change: the good is "fixed" in supply. Such goods often have no labor component or are not produced, limiting the short run prospects of expansion. If the elasticity is exactly one, the good is said to be ''unit-elastic''. The quantity of goods supplied can, in the short term, be different from the amount produced, as manufacturers will have stocks which they ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price Elasticity Of Supply
The price elasticity of supply (PES or Es) is a measure used in economics to show the responsiveness, or elasticity, of the quantity supplied of a good or service to a change in its price. The elasticity is represented in numerical form, and is defined as the percentage change in the quantity supplied divided by the percentage change in price. When the elasticity is less than one, the supply of the good can be described as ''inelastic''; when it is greater than one, the supply can be described as ''elastic''.Png, Ivan (1999). pp. 129–32. An elasticity of zero indicates that quantity supplied does not respond to a price change: the good is "fixed" in supply. Such goods often have no labor component or are not produced, limiting the short run prospects of expansion. If the elasticity is exactly one, the good is said to be ''unit-elastic''. The quantity of goods supplied can, in the short term, be different from the amount produced, as manufacturers will have stocks which they ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements. Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought to be"; between economic theory and applied economics; between rational a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Elasticity Of A Function
In mathematics, the elasticity or point elasticity of a positive differentiable function ''f'' of a positive variable (positive input, positive output) at point ''a'' is defined as :Ef(a) = \fracf'(a) :=\lim_\frac\frac=\lim_\frac\frac=\lim_\frac\approx \frac or equivalently :Ef(x) = \frac. It is thus the ratio of the relative (percentage) change in the function's output f(x) with respect to the relative change in its input x, for infinitesimal changes from a point (a, f(a)). Equivalently, it is the ratio of the infinitesimal change of the logarithm of a function with respect to the infinitesimal change of the logarithm of the argument. Generalisations to multi-input-multi-output cases also exist in the literature. The elasticity of a function is a constant \alpha if and only if the function has the form f(x) = C x ^ \alpha for a constant C>0. The elasticity at a point is the limit of the arc elasticity between two points as the separation between those two points approaches zero. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Long Run And Short Run
In economics, the long-run is a theoretical concept in which all markets are in equilibrium, and all prices and quantities have fully adjusted and are in equilibrium. The long-run contrasts with the short-run, in which there are some constraints and markets are not fully in equilibrium. More specifically, in microeconomics there are no fixed factors of production in the long-run, and there is enough time for adjustment so that there are no constraints preventing changing the output level by changing the capital stock or by entering or leaving an industry. This contrasts with the short-run, where some factors are variable (dependent on the quantity produced) and others are fixed (paid once), constraining entry or exit from an industry. In macroeconomics, the long-run is the period when the general price level, contractual wage rates, and expectations adjust fully to the state of the economy, in contrast to the short-run when these variables may not fully adjust. History The dif ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Van Gogh
Vincent Willem van Gogh (; 30 March 185329 July 1890) was a Dutch Post-Impressionist painter who posthumously became one of the most famous and influential figures in Western art history. In a decade, he created about 2,100 artworks, including around 860 oil paintings, most of which date from the last two years of his life. They include landscapes, still lifes, portraits and self-portraits, and are characterised by bold colours and dramatic, impulsive and expressive brushwork that contributed to the foundations of modern art. Not commercially successful, he struggled with severe depression and poverty, eventually leading to his suicide at age thirty-seven. Born into an upper-middle class family, Van Gogh drew as a child and was serious, quiet, and thoughtful. As a young man, he worked as an art dealer, often traveling, but became depressed after he was transferred to London. He turned to religion and spent time as a Protestant missionary in southern Belgium. He drifte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Long Run
In economics, the long-run is a theoretical concept in which all markets are in equilibrium, and all prices and quantities have fully adjusted and are in equilibrium. The long-run contrasts with the short-run, in which there are some constraints and markets are not fully in equilibrium. More specifically, in microeconomics there are no fixed factors of production in the long-run, and there is enough time for adjustment so that there are no constraints preventing changing the output level by changing the capital stock or by entering or leaving an industry. This contrasts with the short-run, where some factors are variable (dependent on the quantity produced) and others are fixed (paid once), constraining entry or exit from an industry. In macroeconomics, the long-run is the period when the general price level, contractual wage rates, and expectations adjust fully to the state of the economy, in contrast to the short-run when these variables may not fully adjust. History The dif ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Short Run
In economics, the long-run is a theoretical concept in which all markets are in equilibrium, and all prices and quantities have fully adjusted and are in equilibrium. The long-run contrasts with the short-run, in which there are some constraints and markets are not fully in equilibrium. More specifically, in microeconomics there are no fixed factors of production in the long-run, and there is enough time for adjustment so that there are no constraints preventing changing the output level by changing the capital stock or by entering or leaving an industry. This contrasts with the short-run, where some factors are variable (dependent on the quantity produced) and others are fixed (paid once), constraining entry or exit from an industry. In macroeconomics, the long-run is the period when the general price level, contractual wage rates, and expectations adjust fully to the state of the economy, in contrast to the short-run when these variables may not fully adjust. History The di ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Factors Of Production
In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function. There are four ''basic'' resources or factors of production: land, labour, capital and entrepreneur (or enterprise). The factors are also frequently labeled "producer goods or services" to distinguish them from the goods or services purchased by consumers, which are frequently labeled "consumer goods". There are two types of factors: ''primary'' and ''secondary''. The previously mentioned primary factors are land, labour and capital. Materials and energy are considered secondary factors in classical economics because they are obtained from land, labour, and capital. The primary factors facilitate production but neither becomes part of the product (as with raw materials) nor becomes significantly t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price Elasticity
A good's price elasticity of demand (E_d, PED) is a measure of how sensitive the quantity demanded is to its price. When the price rises, quantity demanded falls for almost any good, but it falls more for some than for others. The price elasticity gives the percentage change in quantity demanded when there is a one percent increase in price, holding everything else constant. If the elasticity is −2, that means a one percent price rise leads to a two percent decline in quantity demanded. Other elasticities measure how the quantity demanded changes with other variables (e.g. the income elasticity of demand for consumer income changes). Price elasticities are negative except in special cases. If a good is said to have an elasticity of 2, it almost always means that the good has an elasticity of −2 according to the formal definition. The phrase "more elastic" means that a good's elasticity has greater magnitude, ignoring the sign. Veblen and Giffen goods are two classes of good ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Land (economics)
In economics, land comprises all naturally occurring resources as well as geographic land. Examples include particular geographical locations, mineral deposits, forests, fish stocks, atmospheric quality, geostationary orbits, and portions of the electromagnetic spectrum. Supply of these resources is fixed. Factor of production Land is considered one of the three factors of production (also sometimes called the three producer goods) along with capital, and labor. Natural resources are fundamental to the production of all goods, including capital goods. While the particular role of land in the economy was extensively debated in classical economics it played a minor role in the neoclassical economics dominant in the 20th century. Income derived from ownership or control of natural resources is referred to as rent. Ownership Because no man created the land, it does not have a definite original proprietor, owner or user. As a consequence, conflicting claims on geographic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Land Reclamation
Land reclamation, usually known as reclamation, and also known as land fill (not to be confused with a waste landfill), is the process of creating new land from oceans, seas, riverbeds or lake beds. The land reclaimed is known as reclamation ground or land fill. In some jurisdictions, including parts of the United States, the term "reclamation" can refer to returning disturbed lands to an improved state. In Alberta, Canada, for example, reclamation is defined by the provincial government as "The process of reconverting disturbed land to its former or other productive uses." In Oceania, it is frequently referred to as land rehabilitation. History One of the earliest large-scale projects was the Beemster Polder in the Netherlands, realized in 1612 adding of land. In Hong Kong the Praya Reclamation Scheme added of land in 1890 during the second phase of construction. It was one of the most ambitious projects ever taken during the Colonial Hong Kong era.Bard, Solomon. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price Elasticity Of Demand
A good's price elasticity of demand (E_d, PED) is a measure of how sensitive the quantity demanded is to its price. When the price rises, quantity demanded falls for almost any good, but it falls more for some than for others. The price elasticity gives the percentage change in quantity demanded when there is a one percent increase in price, holding everything else constant. If the elasticity is −2, that means a one percent price rise leads to a two percent decline in quantity demanded. Other elasticities measure how the quantity demanded changes with other variables (e.g. the income elasticity of demand for consumer income changes). Price elasticities are negative except in special cases. If a good is said to have an elasticity of 2, it almost always means that the good has an elasticity of −2 according to the formal definition. The phrase "more elastic" means that a good's elasticity has greater magnitude, ignoring the sign. Veblen and Giffen goods are two classes of goo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
