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Lecture
Supply Elasticity and Production Factors
Description
This lecture covers the concept of price elasticity of supply, distinguishing between inelastic, unit elastic, and elastic supply. It explains how the price elasticity of supply is calculated and its extreme cases. The lecture also delves into the graphical representation of price elasticity, the short run production period, marginal and average product of labor, and the optimal choice of production factors.
Official source
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