Advertisements
Advertisements
Question
When is the supply of a commodity is called elastic?
Solution
If the percentage change in supply of a good is greater than the percentage change in the price then the supply of the good is said to be elastic. (Es > 1)
RELATED QUESTIONS
Explain briefly the impact of the cost of production on the elasticity of supply.
Identify the elasticity of supply (es) of S1, S2 and S3 supply curves:
Identify the value of elasticity of supply for the supply curve OS and S1S2.
Identify the elasticity of supply for the following with proper reasoning:
Short run and long run period.
When price of a·product rises by 10% its quantity supplied also rises by 10%. Find out price elasticity.
Which of the following measures of price elasticity shows elasticity shows elastic supply?
If price elasticity of supply is greater than 1, then supply is said be elastic.
- Price elasticity of supply of a good is 0.8, its supply is said to be inelastic.
- If the quantity supplied of a commodity remain the same whatever its price supply is said to perfectly inelastic.
When the price increases by 50% and the supply increases only by 5% the price elasticity of supply of that commodity will be ______.
If the price elsaticity of supply is 1 and the percentage change in price is 10, then the percentage change in quatity supplied should be ______.
When the percentage change in the quantity supplied of a commodity is exactly equal to the percentage change in its price it is known as ______.
A linear supply curve starting from the origin making an angle of 75 degree with X-axis will have ______.
Draw a straight line supply showing elasticity greater than one.
The coefficient of elasticity of a commodity is 0.4. What percentage change in supply will take place if its price rises 20%?
The quantity of a commodity supplied increases by 25% when its price rises by 10%. Calculate price elasticity of supply.
Price elasticity of supply is likely to be ______ in the long run.
Draw and briefly explain a perfectly inelastic supply curve.
If the price of a commodity increases by 50% and its supply increases by 25% then calculate the price elasticity of supply following the percentage method. Identify the degree of price elasticity.
How is elasticity of supply measured according to percentage method?
Give the meaning of perfectly elastic supply.
Give the meaning of perfectly inelastic supply.
Define price elasticity of supply.
Draw the supply curve showing price elasticity of supply equal to one.
Draw the supply curve showing price elasticity of supply greater than one.
Indicate the degree of elasticity on the supply curve given below:
Using graphs, explain any four types of elasticity of supply.
What do you mean by perfectly inelastic supply?
Why is the supply of eggs inelastic?
Explain the percentage method of measuring price elasticity of supply.
