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Leaving Cert 2012-13 *OFF-TOPIC* (hideaway) thread
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sorry to interrupt anything, but if someone doing economics can kindly explain something to me
In my book on Price Elasticity of Supply (PES), it says it's influenced by (for example) :
- Availability of specialised factors of production : If the producer cannot easily hire extra skilled workers or purchase specialised machinery, supply will be inelastic.
I'm just stuck on what the ''It will be inelastic'' bit... What does that mean in plain English? :P Would appreciate the help.
Oh and also by the way, does Boards have an iPod app by any chance? It's so much effort having to switch on the laptop if I want to ask a question on here. :P0 -
sorry to interrupt anything, but if someone doing economics can kindly explain something to me
In my book on Price Elasticity of Supply (PES), it says it's influenced by (for example) :
- Availability of specialised factors of production : If the producer cannot easily hire extra skilled workers or purchase specialised machinery, supply will be inelastic.
I'm just stuck on what the ''It will be inelastic'' bit... What does that mean in plain English? :P Would appreciate the help.
Oh and also by the way, does Boards have an iPod app by any chance? It's so much effort having to switch on the laptop if I want to ask a question on here. :P
I could be missing the point here completely but if you're asking what inelastic means it means that the demand for a good is not effected significantly by a change in price. It has a PED of < 1 in other words. A change in price (either a price increase or decrease) won't effect the demand for that good
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sorry to interrupt anything, but if someone doing economics can kindly explain something to me
In my book on Price Elasticity of Supply (PES), it says it's influenced by (for example) :
- Availability of specialised factors of production : If the producer cannot easily hire extra skilled workers or purchase specialised machinery, supply will be inelastic.
I'm just stuck on what the ''It will be inelastic'' bit... What does that mean in plain English? :P Would appreciate the help.
Oh and also by the way, does Boards have an iPod app by any chance? It's so much effort having to switch on the laptop if I want to ask a question on here. :P
It simply means that if the price of goods is rising it will increase by a greater amount then what the producer is able to increase supply by0 -
sorry to interrupt anything, but if someone doing economics can kindly explain something to me
In my book on Price Elasticity of Supply (PES), it says it's influenced by (for example) :
- Availability of specialised factors of production : If the producer cannot easily hire extra skilled workers or purchase specialised machinery, supply will be inelastic.
I'm just stuck on what the ''It will be inelastic'' bit... What does that mean in plain English? :P Would appreciate the help.
Oh and also by the way, does Boards have an iPod app by any chance? It's so much effort having to switch on the laptop if I want to ask a question on here. :P
Im not totez sure what youre asking, but Ill try(And be warned Im not the biggest Economics genius going..)
But anyway.. Your PES will be inelastic because if you cant hire the extra people to make the extra good, well then the goods cant be made? Like if you have 5 workers who can make one good a day each, but you want to increase your output you need more workers, but because of the unavailability of workers, you just cant possibly make more.. Thats your capacity? Therefore youre willingness to supply wont increase coz it physically cant.
Made quite a balls of explaining that, but hopefully you can take something from it0 -
ThanksBrownBear11 wrote: »I could be missing the point here completely but if you're asking what inelastic means it means that the demand for a good is not effected significantly by a change in price. It has a PED of < 1 in other words. A change in price (either a price increase or decrease) won't effect the demand for that good
So then, the opposite, elastic basically means that the demand for a good IS effected significantly by a change in price? :pac:
I should really know this, but it's always confusing me!0 -
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Thanks So then, the opposite, elastic basically means that the demand for a good IS effected significantly by a change in price? :pac:
I should really know this, but it's always confusing me!
Yep, exactly. If it has a PED of > 1 it's elastic and any change in price (even a slight change) will effect demand. Welcome, no trouble 0 -
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Quick question lads:
Solve (cubic equation) given one integer root.
What does it mean by that?
Well if you have an integer root, for example 2, then x = 2 and (x-2) is a factor.
So just divide that factor into the cubic to get a quadratic, and then factorise that quadratic to get the other two roots, so you'll have three roots at the end 0 -
Well if you have an integer root, for example 2, then x = 2 and (x-2) is a factor.
So just divide that factor into the cubic to get a quadratic, and then factorise that quadratic to get the other two roots, so you'll have three roots at the end
Ok, sound. In this question the 2 isnt given. What then?0 -
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I had a great lunch, the food was fab and he was really nice, a good laugh and we had a fair bit in common. He insisted on paying for lunch and afterwards we went on to the old stand for a few drinks. I had a great time.
And yes you nosey LCers, I did shift him.:P 0 -
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