inelastic supply

"A payment to any factor in perfectly inelastic supply"

North Sea oil is in inelastic supply.

This is when a tax is levied on any item or base with an inelastic supply.

A good example of this is elastic supply/demand and inelastic supply/demand.

It is after all an inelastic supply in certain circumstances, just as it is with doctors in training.

Agricultural growth may be viewed as a process of easing the constraints on production imposed by inelastic supplies of land and labor.

The rising cost of indentured labor and its inelastic supply pushed American producers towards other forms of labor.

As can be seen in the graph, NCO serves as the perfectly inelastic supply curve for this market.

In this way, a tax on items with an inelastic supply are an incentive not just to individual titleholders but to the community and society taken in toto.

When the market value of items with an inelastic supply is transformed into rent, it becomes a flow, which, when captured by a tax, is shifted into the active economy.

The Physiocrats, David Ricardo, and after Marx, Henry George noted the inelastic supply of land and argued that this created certain privileges (economic rent) for landowners.

This offers a couple of advantages for enzymatic biofuel cells: enzymes are relatively easy to mass-produce and so benefit from economies of scale, while precious metals must be mined and so have an inelastic supply.

Figure 16-4 TAXING A FACTOR IN INELASTIC SUPPLY.

Such taxes include the land value tax, where the tax is on a good in completely inelastic supply, a lump sum tax such as a poll tax (head tax) which is paid by all adults regardless of their choices.

Because deadweight costs are related to the elasticity of supply and demand for a good, it follows that putting the highest tax rates on the goods for which there is most inelastic supply and demand will result in the least overall deadweight costs.