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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
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