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Explain the term elasticity of supply

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Reference no: EM132872697

Provide detailed answers to the following assignment questions

1. A)explain the term elasticity of supply

b) summarize three applications of elasticity of supply in an economic decision making

2. Differentiate between partial equilibrium analysis and general equilibrium analysis as used in economics

3. Differentiate between giffen good and 'inferior good'

4. With reference to demand and supply analysis identify six effects of fixing the maximum price of a commodity below the equilibrium price

5. Outline six assumptions underlying the derivation of the demand curve

6. Outline five determinants of the elasticity of supply

7. Describe six factors that might cause a shift of the supply curve in an economy

8. Summarize five exceptions to the law of demand

9. Distinguish between 'own price elasticity of demand ' and 'cross price elasticity of demand'

10. Outline four factors that would lead to a rightward shift in the demand curve

11. Outline four factors that determine the price elasticity of demand of a commodity

12. Distinguish between a 'price ceiling ' and a 'price flour'

 

Reference no: EM132872697

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