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ELASTICITY DETERMINANTS: Three factors that affect the numerical value of price elasticity of demand and price elasticity of supply calculations, including availability of substitutes, time period of analysis, and proportion of budget. A given good can have a different price elasticity (both demand and supply) if these three determinants change. The first two determinants are important to both price elasticity of demand and price elasticity of supply, while the third relates specifically to the price elasticity of demand. Three elasticity determinants are: availability of substitutes, time period, and proportion of budget.

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VARIABLE COST

In general, cost that changes with changes in the quantity of output produced. More specifically, variable cost is combined with the adjectives "total" and "average" to indicate the overall level of variable cost or the per unit variable cost. Variable cost depends on the amount produced. If there is no production, then there is no variable cost.

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Today, you are likely to spend a great deal of time at a garage sale wanting to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for the happiest person in the room.
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There were no banks in colonial America before the U.S. Revolutionary War. Anyone seeking a loan did so from another individual.
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