Economic problem example essay

The second determinant is the time period of analysis. The longer the time period of analysis, the quantity will be more responsive to the price change. The sellers will be not be able to change their production decisions to price change if it is in a short period. This is because the seller has to take time to find resources to be used in a good. That is why, in a longer period of time, the seller will be able to find other choices. For example, the supply for fujitsu laptop in a short term period is not very elastic, that's because the resources can't be switch to other goods. But, if it's a long period of time, the seller will be able to find other resources that will move between productions. This will result in a more elastic supply. ( The non-hub story 2010 )

Economic problem example essay

economic problem example essay

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