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प्रश्न
Draw and briefly explain a perfectly inelastic supply curve.
Give the meaning of perfectly inelastic supply.
Draw and explain the following degree of elasticity of supply.
Ep = ∞
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उत्तर
If there is no change in quantity supplied with changes in the price of the product, then the supply of that commodity becomes perfectly inelastic (i.e., E5 = 0). The supply curve will be a vertical line. This refers to when only one quantity can be supplied at any given price. The shape of perfectly inelastic supply is shown below.
The figure clearly shows that quantity supplied is fixed at OQ, whatever the price (P, P1 or P2). At all points on such a straight line supply curve, price elasticity of supply will be zero. The supply of genuine antique furniture is perfectly inelastic. Its supply cannot be changed. Antique furniture sellers cannot increase or decrease the amount of postage furniture they produce. Likewise the supply of rare books, stamps, old coins etc. is of this type.
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संबंधित प्रश्न
Draw a well-labelled diagram showing the price elasticity of supply of a commodity starting from the origin.
Draw a perfectly elastic supply curve.
Explain any three factors affecting elasticity of supply.
Identify the elasticity of supply for the following with proper reasoning:
Perishable and durable goods.
A 10 per cent increase in price of a good causes 5 per cent increase in its quantity supplied, elasticity of supply will be ______.
The given diagram is a case of ______ supply.
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
Pick the option which does not belong to the group.
A linear supply curve starting from the origin making an angle of 75 degree with X-axis will have ______.
Assertion (A): In case of perfectly inelastic supply, supply curve is a vertical straight line supply curve.
Reason (R): Supply does not change with change in price in case of Es = 0.
When is the supply of a commodity is called elastic?
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.
Give the meaning of perfectly inelastic supply.
Identify and define the degree of price elasticity of supply from the diagram for the supply curves S1, S2, S3, S4.
What do you mean by perfectly inelastic supply?
Price elasticity of supply of a good is 0.8. Is the supply 'elastic' or 'inelastic', and why?
Why is the supply of eggs inelastic?
Draw a straight line supply curve of the following situation.
More than unitary elastic
Draw relatively inelastic supply.
