Google
Thursday 
September 20, 2018 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
LONG-RUN PRODUCTION: An analysis of the production decision made by a firm in the long run. The central feature of this long-run analysis is returns to scale, which results in the long run even though all inputs are variable. Returns to scale are reflected in the long-run average cost curve as either economies to scale or diseconomies to scale.

Visit the GLOSS*arama

Most Viewed (Number) Visit the WEB*pedia

Lesson 14: Aggregate Supply | Unit 1: The Concept Page: 2 of 20

Topic: Price Level <=PAGE BACK | PAGE NEXT=>

Aggregate supply is the relation between real production, measured as real GDP, and the price level, measured as the GDP price deflator.
  • This is comparable to the relation for aggregate demand and lets us combine both relations to form the aggregate market.
  • How does the price level affect the supply of real production? For markets, the law of supply is that a higher price induces an increase in the quantity supplied. Does this work for aggregate supply, too?
  • How the price level affects real production depends on the difference between the short run and long run.

Course Home | Lesson Menu | Page Back | Page Next

RESOURCE PRICES, SUPPLY DETERMINANT

The prices of the resource inputs that affect production cost and the ability to sell a particular good, which are assumed constant when a supply curve is constructed. An increase in resources prices causes a decrease in supply and a decrease in resource prices causes an increase in supply. Resources prices are one of five supply determinants that shift the supply curve when they change. The other four are production technology, other prices, sellers' expectations, and number of sellers.

Complete Entry | Visit the WEB*pedia


APLS

WHITE GULLIBON
[What's This?]

Today, you are likely to spend a great deal of time browsing about a thrift store looking to buy either a weathervane with a horse on top or a case of blank recordable DVDs. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
Your Complete Scope

This isn't me! What am I?

The average length of a "business lunch" is about 36 minutes.
"No amount of business school training or work experience can teach what is ultimately a matter of personal character. "

-- Truett Cathy, Chick-fil-A Inc. founder

QJE
Quarterly Journal of Economics
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2018 AmosWEB*LLC
Send comments or questions to: WebMaster