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प्रश्न
When price of a good rises from Rs 10 to Rs 12 per unit the producer supplies 10 percent more. Calculate price elasticity of supply.
उत्तर
Given that
P0= Rs 12, P1 = Rs 9
Percentage change in quantity supplied =(-)75%
Change in price (ΔP)=P1- P0
= 9-12
= (-3)
Percentage change in price = `(DeltaP)/P_0xx100`
`=((-3))/12xx100=-25%`
`"Price elasticity of supply" (E_s)="Percentage change in quantity supplied"/"Percentage change in price"`
`=((-)75%)/((-)25%)=3`
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संबंधित प्रश्न
Price is the only determinant of supply.
Elasticity of supply
When price of a good raises from Rs 12 per unit to Rs 15 per unit the producer supplies 50 per cent more output. What is the price elasticity of supply? Calculate.
When price of a good falls from Rs 20 to Rs 10 per unit, producer reduces supply from 100 units to 50 units. Calculate price elasticity of supply.
Explain, with reason, whether you Agree or Disagree with the following statement
There is no difference between stock and supply.
A firm supplies 10 units of a good at a price of Rs 5 per unit. Price elasticity of supply is 1.25. What quantity will the firm supply at a price of Rs 7 per unit?
State whether the following statement is true or false :
Supply of perishable goods is inelastic.
Give reason or explain the following.
Supply is directly related to price.
State whether the following statements are True or False:
Better transport facility increases supply at the same price.
Define or explain the following concepts (Any THREE):
Stock
State whether the following statement is TRUE and FALSE.
Total Cost is the total expenditure incurred by a firm.
Define or explain the following concept:
Total Cost
Give reason or explain:
When price rises, supply expands.
Distinguish between the following:
Relatively Elastic Supply and Relatively Inelastic Supply
Write short note on the following:
Elasticity of supply.
Study the following table, figure, passage and answer the question given below it.
| Price in Rs. | Quantity supplied |
| 10 | 300 |
| 20 | ______ |
| 30 | 400 |
| 40 | 450 |
| 50 | ______ |
| 60 | 550 |
| 70 | 600 |
- Complete the above table (1m)
- State the relationship between Price and quantity supplied (1m)
- Draw supply curve based on above supply schedule (2m)
State and explain the law of supply.
