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Time by Abdulahi olaad is a document available to read on EtoBox.

1) Time plays an important role in determining the price elasticity of supply. In the short-run, supply may be inelastic as producers have less time to adjust. However, given more time to respond over several years, elasticity of supply increases as producers can build new factories or hire more workers. 2) Demand elasticity also differs between the short-run and long-run. In the short-run, it is difficult to change consumption habits. But in the long-run, consumers can purchase more efficient products or

Author

Abdulahi olaad

Language

EN