Elasticity of supply the relationship between the

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Unformatted text preview: unreasonable. elasticity of supply The relationship between the percentage change in quantity supplied and the percentage change in price. 122 Chapter 5 Supply Page 122 Now suppose that scientists did figure out how to slow the aging process in humans, and people began to live longer. Also suppose that as a result of slowing the aging process, an average 80-year-old in the future felt the same way an average 50-year-old feels today. What economic effects would this change have? First, longer-living people would probably work for more years than we do today. People today often start full-time work when they are 22 years old and retire at about 65, a work life of 43 years. In the future, they may start work at 22 and retire at 85, a work life of 63 years. People are resources, and resources are used to produce goods and services. More people working would mean more goods and services. In other words, the current research on aging, if successful, would lead to a greater supply of goods and services in t...
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This document was uploaded on 01/16/2014.

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