Price elasticity of supply refers to the degree to which the quantity of a good or service that a producer is willing and able to supply changes in response to a change in the price of that good or service. The determinants of price elasticity of supply are the factors that influence the responsiveness of a producer to changes in price.
One key determinant of price elasticity of supply is the time frame in which the producer is able to adjust their supply. In the short run, a producer may not be able to adjust their supply significantly due to fixed factors of production such as land, capital, or specialized equipment. This would result in a relatively inelastic supply curve. In the long run, however, a producer has more time to adjust their production and may be able to increase or decrease their supply more readily. This would result in a more elastic supply curve.
Another important determinant of price elasticity of supply is the availability of substitutes for the good or service being produced. If there are many substitutes available, producers may be more willing to adjust their supply in response to changes in price, as they have the option to switch to producing a different good or service. On the other hand, if there are few substitutes available, producers may be less willing to adjust their supply, as they may have less flexibility in what they can produce.
The cost of production is also a factor that can affect the price elasticity of supply. If the cost of production is high, producers may be less willing to increase their supply in response to a price increase, as they may not be able to profit as much from the higher price. Conversely, if the cost of production is low, producers may be more willing to increase their supply in response to a price increase, as they can still profit even at a higher price.
Finally, the number of producers in a market can also affect the price elasticity of supply. In a market with many producers, the supply curve may be more elastic, as each individual producer has a smaller share of the market and may be more willing to adjust their supply in response to changes in price. In a market with few producers, the supply curve may be more inelastic, as each individual producer has a larger share of the market and may be less willing to adjust their supply.
In summary, the determinants of price elasticity of supply include the time frame in which a producer can adjust their supply, the availability of substitutes, the cost of production, and the number of producers in the market. Understanding these factors can help producers and policymakers anticipate how the supply of a good or service will respond to changes in price.
Character List
Additionally, he feels a much greater connection to the people and world around him, rather than simply bludgeoning through it like Okonkwo. A young leader of the African Igbo community of Umuofia Oo-moo- oh-fee-ah , he is known as a fierce warrior as well as a successful farmer. Additionally, even though he is very generous and hosts many feasts, he is always accumulating debts, and therefore leaves Okonkwo with no land or seeds when he dies making matters worse, he dies of bloat from starvation, which is seen as an affront to the Earth. The second is the date of publication online or last modification online. This permanently separates them in many ways from the freeborn, and they are thus seen as an inferior stock.
Ezinma Character Analysis in Things Fall Apart
He recognized how useful the trading stores the white men opened were to the Umuofia community. His aim was not to create a perfect society, but one more true to the facts of the situation. He falsely accuses one of his wives, beats her, and then makes an apparent attempt to shoot her. It was not the mad logic of the Trinity that captivated him…It was the poetry of the new religion, something felt in the marrow. This was when the English came to Nigeria to settle there and to take the leadership of the land. Okonkwo believes very strongly in a traditional sense of masculinity, which also developed in contrast to his father, whose debts and death from bloating are seen as feminine. Okonkwo has a fear of failure, and this fear drives him to succeed at everything he does.
Things Fall Apart Characters
The first part employs a circumlocutory narrative technique that shifts between the present and the past. His greatest friend, Obierika, was among them. Ezinma -She is the only child of Okonkwo's second wife. As his evening meal is served by daughters of each of his wives, Okonkwo acknowledges to himself how especially fond he is of his daughter Ezinma. Enoch A fanatical convert to the Christian church in Umuofia. Although many Christian converts were uncomfortable admitting the osu, or outcasts, Mr. However, Okonkwo considers such emotions signs of weakness that betray his manliness, so he hides his feelings and acts harshly to conceal them.
Chinua Achebe «Things Fall Apart" Characters Analysis 🤓
This fear helps him to achieve great things, but it also causes him to act violently and rashly at times where patience or calm would be preferable. As a result, Okonkwo is hardworking and aggressive, traits that bring him fame and wealth at the beginning of the novel. She is also called Nma and Ezigbo, which mean the good one child. Although committed to the values of the community, Obierika is not as fanatical as Okonkwo about preserving the order of things. Okonkwo is also unforgiving and has very high standards for his sons, especially his son Nwoye, which causes strain between them. Ikemefuna Ee-keh- meh-foo-nah A boy of fourteen who is given to Umuofia by a neighboring village to avoid war.
