LECTURE 3 - Supply curves are normally upward sloping Some...

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General determinates of price elasticity 1. number and/or quality substitutes a good has 2. income elasticity % change in demand / %change in income 3. time – the longer the time the more elastic the demand curve will be SUPPLY supply is the relation between the price of a particular good and the amount sellers are willing to sell at a give price, during a particular time period other things equal.
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Unformatted text preview: Supply curves are normally upward sloping Some are flat Shifting the supply down or to the right means the supply has increased Moving along the curve is a change in quantity supplied SUPPLY SIFTERS Inputs or factors => prices anything the company must spend money on Technology Current price...
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This note was uploaded on 05/16/2008 for the course ENT 100 taught by Professor Idk during the Fall '07 term at N.C. State.

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