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PRICE ELASTICITY OF SUPPLY: The relative response of a change in quantity supplied to a relative change in price. More specifically the price elasticity of supply can be defined as the percentage change in quantity supplied due to a percentage change in supply price. The price elasticity of supply should be contrasted with the price elasticity of demand.

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Lesson 15: Aggregate Market | Unit 5: Policy Preview Page: 20 of 22

Topic: Time <=PAGE BACK | PAGE NEXT=>

It takes time to move the economy from short run equilibrium to long run equilibrium.

Two options:

  • Wait for self-correcting mechanism --> A short-run imbalance in the labor market eventually triggers the steps that move the economy to full-employment production and long-run equilibrium.
  • Take immediate steps --> Induced shifts in the AD, SRAS, LRAS curves that would, presumably reach full employment faster than the self-correcting mechanism.

The critical questions remains:

  • How much time is needed to adjust from the short run to the long run?

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MARGINAL RETURNS

The change in the quantity of total product resulting from a unit change in a variable input, holding all other inputs fixed. Marginal returns is an older and more generic term for marginal product. While marginal product has largely replaced marginal returns in most discussions of short-run production, the phrase does persist in a few terms like the law of diminishing marginal returns.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors looking to buy either a handcrafted bird feeder or a New York Yankees baseball cap. Be on the lookout for slightly overweight pizza delivery guys.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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