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The ratio between changes in the supplied quantity and price change when both are in proportion is termed as the elasticity of supply. When the supplied quantity is affected by price change, then elasticity is said to be on the higher side when supplied quantity is not affected to that level by price change, then elasticity is said to be low whereas when supplied quantity is unaffected by price change, then it determines no elasticity. More knowledge on elasticity of supply can be obtained by visiting myhomeworkhelp.com long-run elasticity of supply homework help.
Meaning of long run
A time period when the production factors and costs vary is termed as long run. When the work is going on in the long run, then firms have the ability to adjust costs unlike short run when firms can just influence the costs by making adjustments in levels of production.In the short term there can be amonopoly of firms, but there is every possibility of competition during long run operations. Details about long run can be gained by visiting long-run elasticity of supply assignment help.
Advantages of long run elasticity
- Short run generally finds lower elasticity when compared to long run. Changes are more evident in the long run.The requirement of resources changes more when the impact is spread over a longer period of time contrary to short In short run, the choices of customers also do not change to that level that will work which in term does not promote more changes in supply that are required. Learn more about effects of long time span on elasticity of supply by checking out long-run elasticity of supply homework help.
- Supply part of the market finds it easier to improve their areas of production of products and services when the working of the firm is on long term basis. Expansion and renovation of factories, procurement of updated equipment and any such improvement for production become easier on long term as there is enough time through which the cost of such activities can be spread over a long period of time which is not the case during the short Catering to such huge costs in short span of time can actually put a lot of financial pressure on firms.
- When operation is in long run,then the movement of quantity of products tends to be more than the change in prices which is not the case in short Due to the fact that elasticity of supply is more in the long run, the changes in prices are less evident in this case. More on such advantages of long run on supply elasticity can be got by visiting long-run elasticity of supply assignment help.
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