Time Periods and Price Fixation:Time Element:
Time element plays a significant role in economics. Modern economists divide time periods into short and long period. The equilibrium price obtained above is valid only for a specific time period. Any modification in demand and supply over a period of time will shift the demand and supply curves and various equilibrium will be acquired.
For illustration, the flexibility of a firm in adjusting its creation to meet the change in demand based on the nature of its inputs. There are two kinds of inputs that are, fixed inputs and variable inputs.
The fixed input is one whose quantity can’t be adjusted in a restricted time period. Heavy machinery, buildings & capital tools are such fixed inputs and they might require more time for installation or substitution.
Though, variable inputs such as labor, raw materials and electricity can be modified quickly to modify the supply until the full plant capacity is arrived. Now it is possible to differentiate among short and long period. The short period for a firm is the time period throughout which at least one of the inputs is fixed input. The long period is the time period throughout which every input are variable inputs.
The particular duration of the short and long period will differ from firm to firm. A small stall on the roadside pavements can modify all the inputs even within a solitary day, since all inputs are simply variable. The seller can install its shop, use vegetables and other ingredients within a day to meet any sudden rise in demand. Therefore, for him the duration of long period can even be a single day. On other hand, installation of specialized machinery for cement plant might take years, since the production, transportation, installation need a long period of time.Price Fixation in the Short Period:
Alfred Marshall mentioned time element in the determination of equilibrium and divided them into market period, short and long period.
Latest technology based Economics Online Tutoring Assistance
Tutors, at the www.tutorsglobe.com, take pledge to provide full satisfaction and assurance in Equilibrium Price help via online tutoring. Students are getting 100% satisfaction by online tutors across the globe. Here you can get homework help for Equilibrium Price, project ideas and tutorials. We provide email based Equilibrium Price help. You can join us to ask queries 24x7 with live, experienced and qualified online tutors specialized in Equilibrium Price. Through Online Tutoring, you would be able to complete your homework or assignments at your home. Tutors at the TutorsGlobe are committed to provide the best quality online tutoring assistance for Economics Homework help and assignment help services. They use their experience, as they have solved thousands of Economics assignments, which may help you to solve your complex issues of Equilibrium Price. TutorsGlobe assure for the best quality compliance to your homework. Compromise with quality is not in our dictionary. If we feel that we are not able to provide the homework help as per the deadline or given instruction by the student, we refund the money of the student without any delay.
tutorsglobe.com effect of change of pressure assignment help-homework help by online le chateliers principle tutors
Superposition of Harmonic Oscillations tutorial all along with the key concepts of Superposition of two harmonic oscillations of same frequency along same line, Uniform Circular Motion and SHM, Vector Addition, Oscillations in two dimensions
tutorsglobe.com errors of refraction assignment help-homework help by online receptor organs tutors
tutorsglobe.com structure and characteristics of antibodies assignment help-homework help by online immunology tutors
Spectroscopic Techniques tutorial all along with the key concepts of Definition of spectroscopy, Interaction of radiation and matter, Electromagnetic radiation, Absorption of radiation, Emission of radiation, Types of spectroscopy
tutorsglobe.com carbohydrate metabolism assignment help-homework help by online biochemistry tutors
automatic iron box is similar as that of non-automatic category apart from it has additional device termed as thermostatic device to regulate the temperature.
tutorsglobe.com non-contagious diseases assignment help-homework help by online dairy tutors
www.tutorsglobe.com offers cost benefit analysis homework help, answering questions to cost benefit analysis, cost benefit analysis assignment help, accounting instant tutoring sessions for cost benefit analysis by online tutors.
The most correct technique of testing the armature for accurate resistance, number of turns, short and open reversed coil connection is through the drop test.
tutorsglobe.com oil plant–groundnut assignment help-homework help by online economic importance tutors
Laboratory Regulations tutorial all along with the key concepts of Safety Regulations, Format of the Lab Report, Laboratory Care and Waste Disposal
tutorsglobe.com seepage pit-construction assignment help-homework help by online rain water harvesting tutors
theory and lecture notes of construction and mechanism of operation all along with the key concepts of construction of bjt, operation of n-p-n bjt, current components, minority carrier profile and notation to an n-p-n bjt. tutorsglobe offers homework help, assignment help and tutor’s assistance on construction and mechanism of operation.
tutorsglobe.com financial evaluation assignment help-homework help by online capital budgeting and project planning tutors
1944953
Questions Asked
3689
Tutors
1491949
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!