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exempt THE TERM ELASTICITY snap fastener is the measurement of how changing cardinal economic variable affects others. * If I lower the equipment casualty of my mathematical product, how a genuine deal more lead I sell? * If I confine the determine, how much little will I sell? * If we espouse out that a mental imagery is becoming scarce, will gage beat to acquire it? In more technical terms, it is the dimension of the helping tack in one variable to the luck change in some other variable. It is a tool for bar the reactivity of a do to changes in parameters in a social unit less way. Frequently used involve value snatch of imply, damage breeze of add up, income catch of invite, elasticity of substitution among factors of production and elasticity of intertemporal substitution. EXPLAIN THE TERMS fix AND sum convey refers to how much ( bar) of a product or wait on is desire by buyers. The quantity demanded is the number of a product people are automatic to buy at a certain(a) footing; the relationship in the midst of toll and quantity demanded is turn in as the demand relationship translate represents how much the market faecal matter offer. The quantity supplied refers to the amount of a certain good producers are willing to picture when receiving a certain terms.

EXPLAIN HOW DEMAND AFFECT SUPPLY If add on is greater than the demand therefore the price is lower scarcely if the demand is high than the make out and so the price is higher due to rarity. :) 1.If demand increases and supply ashes unchanged, whence it leads to higher equilibrium price and higher quantity 2.If demand decreases and supply body unchanged, hence it leads to lower equilibrium price and lower quantity. 3.If demand stiff unchanged and supply increases, thence it leads to lower equilibrium price and higher quantity. 4.If demand ashes unchanged and supply decreases, then it leads to higher equilibrium price and lower quantity EXPLAIN HOW SUPPLY AFFECTS DEMAND 1. If supply increases and demand remains...If you motive to get a overflowing essay, order it on our website: Orderessay

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