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ELASTICITY AND SUPPLY INTERCEPT: The intersection of a straight-line supply curve with vertical price axis and/or horizontal quantity axis reveals the relative price elasticity of supply. Intersection with the horizontal quantity axis means inelastic and intersection with the vertical price axis means elastic. Intersection with the origin means unit elastic supply.
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Lesson 7: Market Equilibrium | Unit 2: The Numbers
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Page: 7 of 22
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Topic:
Market Agreement
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What would happen if we had different prices in the market?- At 10 cents, the quantity demanded is 800 tapes and the quantity supplied is 0 tapes. This is not a suitable price. The buyers can't buy all that they want.
- At 90 cents, the quantity demanded is 0 tapes and the quantity supplied is 800 tapes. This is not a suitable price, either. The sellers can't sell all that they want.
- Buyers or sellers are not satisfied at these prices and will take corrective action.
This is not equilibrium.
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FACTOR DEMAND The willingness and ability of productive activities (usually, business firms) to hire or employ factors of production. Factor demand relates factor price and factor quantity, specifically, it is the range of factor quantities that are demanded at a range of factor prices. This is one half of the factor market. The other half is factor supply. The factors of production subject to factor demand include any and all of the four scarce resources--labor, capital, land, and entrepreneurship. However, because labor involves human beings directly, it is the factor that tends to receive the most scrutiny and analysis.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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This isn't me! What am I?
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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BPEA
Brookings Papers on Economic Activity
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