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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 = 0
With the help of a suitable diagram, explain the perfectly inelastic supply.
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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., Es = 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, the 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
Explain briefly the impact of the cost of production on the elasticity of supply.
Draw a perfectly inelastic supply curve.
Draw a well-labelled diagram showing the price elasticity of supply of a commodity starting from the origin.
What is the formula for percentage method of calculating price elasticity of supply?
Explain any three factors affecting elasticity of supply.
Identify the elasticity of supply for the following with proper reasoning:
Nature of the entrepreneurs.
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?
- 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 an entrepreneur introduces a new technique or a new product, it is called ______.
When the price increases by 50% and the supply increases only by 5% the price elasticity of supply of that commodity will 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 ______.
Draw a straight line supply showing elasticity greater than one.
With the help of a formula calculate the elasticity of supply from the following table:
| Price | Quantity supplied |
| 10 | 200 |
| 15 | 225 |
Cotton and cotton seeds are examples of ______ supply.
Explain any four determinants of elasticity of supply.
Draw the supply curve showing price elasticity of supply equal to one.
If the price of a commodity falls by 10% and consequently, the quantity supplied decreases by 20%, what will be its elasticity of supply?
Draw relatively inelastic supply.
