Elasticity . . . … is a measure of how much buyers and sellers respond to changes in market conditions … allows us to analyze supply and demand with greater precision
In a free, unregulated market system, market forces establish equilibrium prices and exchange quantities. While equilibrium conditions may be efficient, it may be true that not everyone is satisfied
The Law of Supply: uFirms are willing to produce and sell a greater quantity of a good when the price of the good is high. uThis results in a supply curve that slopes upward
Examined methods for measuring distances Examined GPS codes that allow a type of distance measurement and phase to be measured Examine how the range measurements are defined Use of carrier phase measurements Examine rinEx format and look at some \raw data