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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

Define the price elasticity of supply. • Explain why the price elasticity of supply might be different in the long run than in the short run.

To determine
The price elasticity of supply and its relation to time horizon.

Explanation

Price elasticity of supply refers to the percentage change in the quantity supplied due to a change in the price of that good. If quantity supplied moves proportionately less than the price, then the elasticity are less than 1 and supply is said to be inelastic; otherwise the elasticity is greater than 1 and supply is said to be elastic.

The price elasticity of supply is different in different time horizons...

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