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TIME PERIOD: One of three elasticity determinants (budget proportion and substitute availability are the other two) stating that the elasticity of a good tends to be greater for a longer time period of analysis. In other words, the price elasticity of demand for gasoline is greater when the time period is one year than when it is one month. This elasticity determinant works for both the price elasticity of demand and the price elasticity of supply. In both cases, longer time periods allow consumers and produces more time to adjust to any price changes.
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LONG RUN, MICROECONOMICS In terms of the microeconomic analysis of production and supply, a period of time in which all inputs under the control of a firm used in the production process are variable. In the long run, labor and capital are variable inputs. The long-run analysis of production reveals the key role played by returns to scale. This is one of four production time periods used in the study of microeconomics. The other three are short run, very long run, and very short run (or market period). The long run is also a time period designation used in the macroeconomic analysis of economic growth and full employment.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time lost in your local discount super center trying to buy either a flower arrangement in a coffee cup for your father or a how-to book on meeting people. Be on the lookout for small children selling products door-to-door.
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This isn't me! What am I?
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"My father used to say to me, „Whenever you get into a jam, whenever you get into a crisis or an emergency . . .become the calmest person in the room and you'll be able to figure your way out of it. " -- Rudolph Giuliani
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FILO
First In Last Out
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