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LONG RUN, MICROECONOMICS: In terms of the microeconomic analysis of production and supply, a period of time in which all inputs in the production process are variable. The long run is primarily used to analyze production decisions for a firm and is also referred to as the planning horizon. The long run is a period of time in which a business can change the quantities of ALL resource inputs--labor, capital, land, and entrepreneurship. Nothing is fixed. If your factory is to small, well then, build a bigger one. The long-run analysis of production is used to better understand economies of scale, diseconomies of scale, and long-run market supply.

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Lesson 10: Utility and Demand | Unit 5: Beyond Demand Page: 19 of 21

Topic: Demand Elasticity <=PAGE BACK | PAGE NEXT=>

  • While knowing why a higher price entices buyers to buy less or a lower price entices them to buy more is extremely important, we often need to know more than WHY? we need to know HOW MUCH?

  • Taking a closer look at demand entails an answer to this HOW MUCH? question.

    This is addressed under the topic of elasticity.

  • By way of preview, let me note that:
  • Elasticity is the responsiveness of one variable resulting from changes in another variable.
  • The two variables that intrigues us the most are demand price and quantity demanded.

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MACROECONOMICS

The branch of economics that studies the entire economy, especially such topics as aggregate production, unemployment, inflation, and business cycles. It can be thought of as the study of the economic forest, as compared to microeconomics, which is study of the economic trees.

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Today, you are likely to spend a great deal of time searching for rummage sales seeking to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for malfunctioning pocket calculators.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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