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प्रश्न
The price elasticity of supply of a good is 0.8. Its price rises by 50 percent. Calculate the percentage increase in its supply.
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उत्तर
% Change in Quantity Supplied = 50%
Price Elasticity of Supply (Es) = 0.8
% Change in Price = Let this be X
Es = `("% Change in Quantity Supplied")/("% Change in Price")`
0.8 = `X/50%`
X = 0.8 × 50 %
X = 40%
The percentage change in Quantity Supplied is 40%.
संबंधित प्रश्न
Explain the geometric method of measuring price elasticity of supply. Use Diagram.
Total revenue is Rs 400 when the price of the commodity is Rs 2 per unit. When price rises to Rs 3 per unit, the quantity supplied is 300 units. Calculate the price elasticity of supply.
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What will be the price elasticity of supply for the mobile handset? Draw the supply curve to indicate the type of elasticity.
Which formula is used to calculate the elasticity of supply using the percentage method?
If the quantity supplied of a commodity increases from 1,000 units to 1,500 units when price rises from ₹40 to ₹50, what is the price elasticity of supply?
When the tangent drawn to the supply curve at a point passes through the origin, the elasticity of supply at that point is ______.
How does the elasticity of supply typically vary with the time period available to producers?
What happens to the supply curve when it is steeper?
