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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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LONG RUN, MACROECONOMICS In terms of the macroeconomic analysis of the aggregate market, a period of time in which all prices, especially wages, are flexible, and are able to achieve equilibrium levels. This is one of two macroeconomic time designations; the other is the short run. Long-run wage and price flexibility means that ALL markets, including resource markets and most notably labor markets, are in equilibrium, with neither surpluses nor shortages. Wage and price flexibility and the resulting resource market equilibria are the reason for the vertical long-run aggregate supply curve.
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Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for attractive cable television service repair people.
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The average bank teller loses about $250 every year.
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"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
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Negotiable Order of Withdrawal
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