|
|
FACTOR DEMAND ELASTICITY: The elasticity of a factor demand curve is affected by four things: (1) the price elasticity of demand for the good produced, (2) the production function technology and elasticity of marginal physical product, (3) the ease of factor substitutability, and (4) the share of the factor's cost relative to total cost. Changes in any of these four items can cause the price elasticity of factor demand to change. In other words, the quantity of factor services demanded will become more or less sensitive to changes in the factor price.
Visit the GLOSS*arama
|
|
|
|
|
ELASTIC The general relation between two variables in which relatively small changes in one variable (A) cause relatively large changes in another variable (B). Small changes in variable A cause relatively large changes in variable B or the percentage change in variable B is larger than the percentage change in variable A. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Elastic is one of two general elasticity relations between two variables. The other is inelastic.
Complete Entry | Visit the WEB*pedia |
|
|
BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center looking to buy either a wall poster commemorating the first day of winter or blue cotton balls. Be on the lookout for gnomes hiding in cypress trees.
Your Complete Scope
This isn't me! What am I?
|
|
|
A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
|
|
|
"I do not believe in a fate that will fall on us no matter what we do. I do believe in a fate that will fall on us if we do nothing. " -- Ronald Reagan, 40th US president
|
|
OSE
Osaka Securities Exchange (Japan)
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
