Price elasticity of supply measures how much quantity supplied responds to a change in price (the price sensitivity of sellers' supply). Because of the law of supply, the price elasticity of supply always has a positive sign. An increase in price causes the quantity supplied to increase. The supply of a good is said to be inelastic if the quantity supplied responds only slightly to price changes while it is said to be elastic if the quantity supplied changes more than the price changes.
Price elasticity of supply (esp): Percentage change in quantity supplied / Percentage change in price
The price elasticity of supply is determined by the flexibility of producers/sellers to change in the amount of the good or service they produce in response to price changes. The flexibility of producers depends on two important factors: 1) availability of inputs to producers, 2) time horizon. The higher the availability of inputs to producers the higher the elasticity of supply. Supply is more elastic in the long run than in the short run. In the long run firms can change their plant/factory size or production in response to price changes, changing the quantity supplied.
Sayfa 107Kitabı okudu
It depends on circumstances
Kendi evliliğinin bir aşk evliliği değil, bir mantık evliliği olduğunu söyleyen Montaigne, aşk evliliklerinin neredeyse karşısında olduğunu, “mantık evliliği”nin tek doğru evlilik biçimi sayılması gerektiğini, kendisinin yalnızca bir habitude’e, yani bir âdete boyun eğmiş olduğunu değişik ifadelerle sayısız kez yinelemiştir.
Sayfa 95Kitabı okudu
It was better to have done with it, not to defend himself, to die, in order not to be the only one to live, and to go elsewhere where perhaps he would be upheld.
Sayfa 113
But to be honest with you, I think of religions and the ideas of the afterlife as the world’s longest-running con game. It serves a purpose—it provides religious leaders a comfortable life and it dampens mankind’s fears of death. But it comes at such a price—it infantilizes us, it blocks our vision of the natural order.
Sayfa 40Kitabı okudu
A prince, therefore, being compelled knowingly to adopt the beast, ought to choose the fox and the lion; because the lion cannot defend himself against snares and the fox cannot defend himself against wolves. Therefore, it is necessary to be a fox to discover the snares and a lion to terrify the wolves. Those who rely simply on the lion do not understand what they are about. Therefore a wise lord cannot, nor ought he to, keep faith when such observance may be turned against him, and when the reasons that caused him to pledge it exist no longer.
What causes something to happen has nothing to do with the number of times we have observed it happening. Explanation depends instead on identifying causal mechanisms and how they work and discovering if they have been activated and under what conditions.
Sayfa 14
