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Fall in Supply
When the supply falls, the supply curve shifts to the left to position S1S1. At the initial equilibrium price P1, quantity supplied falls from q1 to q21 but the quantity demanded is still q1. This creates excess of demand over supply which causes price to rise to a new equilibrium level P21 and quantity to fall to a new equilibrium level q21 and quantity to fall to a new equilibrium level q2.
what are the limitation of managerial economics and what is the solution of it?
An Economy consists of two regions, the North & the South. The short-run elasticity of labor demand in every region is -0.5. Labor supply is perfectly inelastic within both regions
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explain the supply function and importance of supply analysis in brief
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