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FreeOCR is software for Windows that allows most scanned PDF's and ... 30 - General Principles of Financial Planning (c) Time has the greatest effect on elasticity; when the price of a product increases, consumers will reduce their consumption more in the long run than in the short run called the second law of demand (5) Price inelasticity is manifested when a large price change does not cause much change in the quantity demanded (a) Inelastic goods have few substitutes An example of an inelastic good is gasoline Even as the price rises, people still need to buy gasoline (b) Perfect inelasticity is represented by a demand curve that is vertical (6) Movement along the demand curve represents a change in quantity demanded resulting from a change in price However, some factors will cause a shift in demand A shift in demand is caused by (a) Changes in consumer income (b) Changes in the price of related goods (substitutes and complements) If two goods go together, they are complements for example, ice cream and hot fudge A price rise in one good will cause a drop in demand for its complement (c) Changes in consumer expectations (d) Changes in the number of consumers in the market (e) Demographic changes (f) Changes in consumer tastes and preferences B Supply curve (1) The law of supply indicates that a higher price will increase the supply of a good (2) There is a direct relationship between the price of a good and the amount supplied in the marketplace (3) The supply curve is elastic when a price change leads to a large change in quantity supplied This happens when resources are added inexpensively The supply curve is inelastic when a price change leads to a small change in supply (4) Change in quantity supplied is identi ed as movement along the supply curve It is the willingness of producers to offer a good at different prices A shift in the entire supply curve is referred to as a change in supply (5) Factors that increase the opportunity cost of producing a good will discourage production and shift the supply curve inward to the left; the reverse is also true Such factors include the following: (a) Changes in resource prices Higher resource prices (and opportunity costs) will reduce the supply of a good, causing a shift to the left in the supply curve (b) Changes in technology Lower cost techniques will increase production and decrease the opportunity cost of a good, causing the supply curve to shift outward to the right (c) Natural disasters and political disruptions C Income elasticity is the sensitivity of demand to change in consumer income (1) An inferior good has negative income elasticity This means that when income increases, the quantity demanded decreases; when income decreases, the quantity demanded increases An example of an inferior good is margarine (2) A normal good has positive income elasticity When income increases (decreases), the quantity demanded also ncreases (decreases) An example of a normal good is butter. ocr software windows 10: Apr 9, 2017 · A tutorial on Best Scanning Software Compatible with every printer and freeware, with many ...Duration: ... free ocr software windows 7Rating 7/10 stars (409) · Free · Utilities/Tools hp ocr software free download windows 7OCR Free is text recognition software that performs all your tedious retyping and recreating work at lightning speed into Word documents you can edit on your PC or archive in a document repository. ... 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