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प्रश्न
A 10 per cent increase in price of a good causes 5 per cent increase in its quantity supplied, elasticity of supply will be ______.
विकल्प
Inelastic
Elastic
Perfectly elastic
Perfectly inelastic
उत्तर
A 10 per cent increase in price of a good causes 5 per cent increase in its quantity supplied, elasticity of supply will be inelastic.
Explanation:
Elasticity of supply is calculated as the percentage change in quantity supplied divided by the percentage change in price.
Elasticity of Supply (Es) = `("Percentage change in quantity supplied")/("Percentage change in price")`
Es = `(5%)/(10%)` = 0.5
Since the elasticity of supply is less than 1 (Es = 0.5), the supply is considered inelastic.
संबंधित प्रश्न
Explain briefly the impact of the cost of production on the elasticity of supply.
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Identify the elasticity of supply for the following with proper reasoning:
Perishable and durable goods.
When price of a·product rises by 10% its quantity supplied also rises by 10%. Find out price elasticity.
Which of the following statements are true?
The cost of production will increase if
- The government gives subsidies
- The firm uses obsolete technology
- The price of diesel increases
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Price elasticity of supply is likely to be ______ in the long run.
When there is no change in price, but quality supplied changes, it implies a situation of ______.
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Indicate the degree of elasticity on the supply curve given below:
Identify and define the degree of price elasticity of supply from the diagram for the supply curves S1, S2, S3, S4.
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If the price of a commodity falls by 10% and consequently, the quantity supplied decreases by 20%, what will be its elasticity of supply?
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More than unitary elastic
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With the help of a suitable diagram, explain the following degree of elasticity of supply.
Es > 1
