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Questions
What is supply?
Define supply.
Solution 1
Supply means the various quantities of goods sold at different possible price levels in the market
Solution 2
Supply is the quantity of a good which a firm offers for sale at a given price during a given period of time.
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RELATED QUESTIONS
A producer supplies 80 units of a good at a price of Rs 10 per unit. Price elasticity of supply is 4. How much will he supply at Rs 9 per unit?
When the price of a good rises from Rs 20 per unit to Rs 30 per unit, the revenue of the firm producing this good rises from Rs 100 to Rs 300. Calculate the price elasticity of supply.
When price of a commodity falls from Rs 12 per unit to Rs 9 per unit, the producer supplies 75 percent less output. Calculate price elasticity of supply.
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.
Price elasticity of supply of a good is 2. A producer supplies 100 units of a good at a price of Rs 20 per unit. At what price will he supply 80 units?
A producer supplies 100 units of a good at a price of Rs 20 per unit. Price elasticity of supply is 2. At what price will he supply 50 units? Calculate
Explain the effect of technological progress on supply of a good.
Supply is inversely related to price.
State the components of supply of money.
State whether the following statement is true or false :
Supply of perishable goods is inelastic.
Fill in the blank using proper alternative given in the bracket:
Other factors remaining constant, when price of a commodity raises there is ................. of supply.
Explain with reason, whether you agree or disagree with the following statement:
There is direct relationship between price and quantity supplied.
Fill in the blank with appropriate alternatives given in the bracket:
________ is one of the determinants of aggregate supply.
Match the following:
| Group A | Group B |
| 1) Perfectly Elastic Supply | a. Vertical supply curve |
| 2) Stock | b. Horizontal supply curve |
| 3) Increase in supply | c. Potential supply |
| 4) Perfectly Inelastic supply | d. Rightward shift in supply curve |
| 5) `"TC"/"TQ"` | e. Leftward shift in |
| f. Average cost |
Define or explain the following concept:
Output
Write short note on the following:
Elasticity of supply.
Identify & explain the concept from the given illustration.
Amar sells 50 dozens of mangoes daily at ₹ 300/- per dozen.
