Qualification > Commerce
IGCSE ECONOMICS DOUBTS HERE !!!!
elemis:
In the VERY short run Rice is a price INELASTIC commodity as farmers cannot increase their output of rice as easily as a car manufacturer can, for example.
However, given enough time price increases will encourage more people to put their resources into the production of rice and existing farmers may buy more rice paddies to grow/sell rice.
Thus, overall the producers are willing to increase supply as price rises.
Hence, supply of rice is price elastic.
SauD~:
I need good and simple definitions for all accounting principle (i.e. Going concern, prudence, Materiality and etc.)
elemis:
--- Quote from: Accounts on March 31, 2011, 04:48:38 pm ---I need good and simple definitions for all accounting principle (i.e. Going concern, prudence, Materiality and etc.)
--- End quote ---
Does this look like a thread for your Accounting queries ?
SmartLooser:
Question: Explain whether a decline in the birth rate would mean the population of a country is declining.
Ans: ??
SmartLooser:
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