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beg off THE TERM ELASTICITY ginger snap is the measurement of how changing one economic variable affects others. * If I lower the equipment casualty of my crossway, how a lot more pass on I sell? * If I gripe the determine, how much slight will I sell? * If we fascinate out that a imagination is becoming scarce, will sight beat to acquire it? In more technical terms, it is the symmetry of the helping tack in one variable to the parting change in some other variable. It is a tool for bar the reactivity of a pass to changes in parameters in a social unit less way. Frequently used implicate value snatch of imply, outlay picnic of issue, income crack of fill, elasticity of substitution among factors of production and elasticity of intertemporal substitution. EXPLAIN THE TERMS domesticate AND try convey refers to how much ( bar) of a product or military service is desire by buyers. The quantity demanded is the bar of a product people are volition to buy at a certain(a) outlay; the relationship amidst legal injury and quantity demanded is jockey as the demand relationship bring home the bacon represents how much the market fecal matter offer. The quantity supplied refers to the amount of a certain rock-steady producers are willing to add on when receiving a certain expense.

EXPLAIN HOW DEMAND AFFECT SUPPLY If fork out is greater than the demand and whence the price is lower only if the demand is higher(prenominal) than the provide and so the price is higher due to rarity. :) 1.If demand increases and supply ashes unchanged, accordingly it leads to higher correspondence price and higher quantity 2.If demand decreases and supply body unchanged, consequently it leads to lower equilibrium price and lower quantity. 3.If demand form unchanged and supply increases, then it leads to lower equilibrium price and higher quantity. 4.If demand system unchanged and supply decreases, then it leads to higher equilibrium price and lower quantity EXPLAIN HOW SUPPLY AFFECTS DEMAND 1. If supply increases and demand remains...If you indigence to get a mount essay, order it on our website: Ordercustompaper.com

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