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 AGGREGATE SUPPLY SHIFTS: Changes in the aggregate supply determinants can shift either the short-run aggregate supply curve and the long-run aggregate supply curve. The mechanism is comparable to that for market supply determinants and market supply. We have two options -- an increase in aggregate supply and a decrease in aggregate supply. An increase in resource quantity or quality or a decrease in resource prices shift the aggregate supply curves to right. A decrease in resource quantity or quality or an increase in resource prices shift the aggregate supply curves to left.
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 Lesson 22: Factor Supply | Unit 2: Resources Page: 7 of 25

 Topic: Alike But Different <=PAGE BACK | PAGE NEXT=>

• Differences might very well exist in the supply relations for the various resources.

• Let's briefly consider a few features of the four factors.

• Labor: The person can not be separated from the resource.

• Capital: The supply and demand of capital services are often controlled by the same decision maker.

• Land: Land provides two distinct types of productive services -- space and materials.

• Entrepreneurship: The central feature of entrepreneurship is the risk involved in organizing production.

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ARC ELASTICITY

The average elasticity for discrete changes in two variables. The distinguishing characteristic of arc elasticity is that percentage changes are calculated based on the average of initial and ending values of each variable, rather than initial values. Arc elasticity is generally calculated using the midpoint elasticity formula. The contrast to arc elasticity is point elasticity. For infinitesimally small changes in two variables, arc elasticity is the same as point elasticity.

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