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Sean Mulligan

on 21 April 2010

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Transcript of supply

understanding supply supply-amount of goods available law of supply-tendency of suppliers to offer more of a good at a higher price quantity supplied-the amount a supplier is willing and able to supply at a certain price Price Supply Price Supply price goes up; firm works harder to make more pizza price goes down; tries not to produce as much elasticity of supply-the way suppliers react to change in price >1 = elastic
<1 = inelastic
= unitary elastic Elasticity of Supply short run-inelastic
long run-elastic
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