The factors which affect long-run AS and distinguish them from those which affect short-run AS
Short-run AS shifts when firms' costs change temporarily. Long-run AS shifts only when the economy's total productive capacity — the maximum it can ever produce — permanently increases or decreases.
Real World
The 2022 energy crisis caused a leftward shift in SRAS as fuel costs surged for UK manufacturers like Jaguar Land Rover. LRAS remained unchanged because the UK's underlying workforce, capital stock, and technology were unaffected.
Exam Focus
Always state whether a shift is SRAS or LRAS and why — examiners award marks for this distinction explicitly.
Price Elasticity of Demand
PED = % change in quantity demanded ÷ % change in price
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