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प्रश्न
- 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.
विकल्प
Both (i) and (ii) are true
Both (i) and (ii) are false
Statement (i) is false and statement (ii) is true
Statement (i) is true and statement (ii) is false
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उत्तर
Both (i) and (ii) are true
Explanation:
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Statement (i) is true: If the price elasticity of the supply of a good is 0.8, it means that the supply is inelastic because the percentage change in quantity supplied is less than the percentage change in price.
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Statement (ii) is true: If the quantity supplied of a commodity remains the same regardless of its price, the supply is said to be perfectly inelastic. This is represented by a vertical supply curve, indicating that price changes do not affect the quantity supplied.
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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.
With the help of a suitable diagram, explain the following degree of elasticity of supply.
Es = ∞
Define a relatively elastic supply.
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:
Perishable and durable goods.
What is the degree of elasticity of supply in the diagram?
A 10 per cent increase in price of a good causes 5 per cent increase in its quantity supplied, elasticity of supply will be ______.
When price of a·product rises by 10% its quantity supplied also rises by 10%. Find out price elasticity.
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 ______.
When is the supply of a commodity is called elastic?
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.
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.
Explain any four determinants of elasticity of supply.
Define price elasticity of supply.
Using graphs, explain any four types of elasticity of supply.
What is meant by inelastic supply?
Draw relatively inelastic supply.
