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Goyal Brothers Prakashan solutions for इकॉनॉमिक एप्लिकेशन्स [अंग्रेजी] कक्षा १० आईसीएसई chapter 3 - Theory of Supply [Latest edition]

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Chapters

Unit I - Demand and Supply : Basic Concepts

    1: Elementary Theory of Demand

    2: Elasticity of Demand

▶ 3: Theory of Supply

Unit II - Factors of Production : Basic Concepts

    4: Factors of Production

Unit III - Alternative Market Structures : Basic Concepts

    5: Nature and Structure of Markets

Unit IV - The State and Economic Development

    6: The State and Economic Development

Unit V - Money and Banking : Basic Concepts

    7: Meaning and Functions of Money

    8: Commercial Banks

    9: Central Banks

    10: Inflation

Goyal Brothers Prakashan solutions for इकॉनॉमिक एप्लिकेशन्स [अंग्रेजी] कक्षा १० आईसीएसई chapter 3 - Theory of Supply - Shaalaa.com
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Solutions for Chapter 3: Theory of Supply

Below listed, you can find solutions for Chapter 3 of CISCE Goyal Brothers Prakashan for इकॉनॉमिक एप्लिकेशन्स [अंग्रेजी] कक्षा १० आईसीएसई.


NUMERICAL QUESTIONSQUESTIONSQUESTION BANK
NUMERICAL QUESTIONS [Pages 69 - 70]

Goyal Brothers Prakashan solutions for इकॉनॉमिक एप्लिकेशन्स [अंग्रेजी] कक्षा १० आईसीएसई 3 Theory of Supply NUMERICAL QUESTIONS [Pages 69 - 70]

1.Page 69

When price of a commodity fall by 20%, the quantity supplied decreases by 25%. Find out its price elasticity of supply.

2.Page 69

When price of a product increases by 30% its quantity supplied rises by 15%. What is the elasticity of supply of the commodity?

3.Page 70

If price of a commodity rises from ₹ 10 per kg to 12 per kg, the quantity supplied expands from 500 kg to 600 kg. What is elasticity of supply?

4.Page 70

The price of a commodity is ₹ 12 per unit and its quantity supplied is 500 units. When its price rises to 15 per unit, its quantity supplied rises to 650 units. Calculate its price elasticity of supply. Is its supply elastic?

5.Page 70

If the price of a commodity falls from ₹ 60 per unit to ₹ 58 per unit, its supply contracts from 400 units to 300 units. Find out its elasticity of supply.

6.Page 70

Price of a commodity increases by ₹ 5 per unit and due to this, supply increases from 100 units to 150 units. Determine price elasticity of supply, if original price was ₹ 25 per units.

7.Page 70

A fall in price of a firm’s product results in a fall in its supply by 40 per cer cent. Its price elasticity of supply is 1.6. Calculate the percentage fall in its price.

8.Page 70

Price elasticity of supply of a good is 2. By what percentage should its price rise so that its supply rises by 30 per cent?

9.Page 70

The price elasticity of supply of a good is 0.8. Its price rises by 50 percent. Calculate the percentage increase in its supply.

QUESTIONS [Pages 71 - 80]

Goyal Brothers Prakashan solutions for इकॉनॉमिक एप्लिकेशन्स [अंग्रेजी] कक्षा १० आईसीएसई 3 Theory of Supply QUESTIONS [Pages 71 - 80]

Multiple Choice Questions

1.Page 71

Following is an essential feature of supply:

  • Total quantity of a product available for sale at a particular point of time.

  • Quantity of a product offered for sale at a certain price.

  • Supply is a stock variable.

  • All the above

2.Page 71

Which one of the following is not a feature of supply?

  • Price of the commodity

  • Period of time

  • Willingness to buy

  • Quantity of the commodity

3.Page 71

Other things remaining unchanged, change in supply due to increase in price is called ______.

  • Contraction of supply

  • Expansion of supply

  • Decrease in supply

  • Increase in supply

4.Page 72

The diagram shows the supply of cotton clothes which of the following would be the case of movement from A to B?

  • An increase in price of cotton clothes

  • An increase in price of silk clothes

  • An improvement in technology

  • An increase in the number of producers

5.Page 72

Law of supply states that ______.

  • There is direct relation between price and supply.

  • There is inverse relation between price and supply.

  • There is direct and proportionate relation between price and supply.

  • None of these

6.Page 72

Law of supply does not apply to ______.

  • Agricultural goods

  • Perishable goods

  • Both (a) and (b)

  • Neither (a) nor (b)

7.Page 72

The law of supply is based on the assumption of ______.

  • Constant technology

  • The commodity is divisible

  • The prices of factors of production remain constant

  • All the above

8.Page 72

Due to installation of a machine with latest technology, the cost of production has decreased. It will lead to ______.

  • Expansion in supply

  • Increase in supply

  • Contraction in supply

  • Decrease in supply

9.Page 72

In case of ______, supply falls at the same price.

  • Decrease in supply

  • Contraction in supply

  • Increase in supply

  • Expansion in supply

10.Page 72

The following supply curve shifts from SS to S1S1. It may be due to ______.

  • Decrease in Taxes

  • Upgradation of technology

  • Fall in the price of inputs

  • All of these

11.Page 72

Which of the following does not cause shift of supply curve of a good?

  • Price of input

  • Price of the good

  • Goods and Services Tax

  • Subsidy

12.Page 72

Which of the following factor may cause decrease in supply.

  • Fall in price of given product

  • Fall in price of factors of product

  • Decrease in number of firms

  • Expected fall in the price of given product in future

13.Page 72

Increase or decrease in supply means ______.

  • shift of supply curve

  • movement along the supply curve

  • elastic supply

  • None of these

14.Page 72

Identify the incorrect statement from the following:

  • Supply is always stated with reference to some price.

  • The amount supplied of a commodity will be different at different prices.

  • Supply is related to point of time.

  • Supply is different from stock.

15.Page 73

What is the degree of elasticity of supply in the diagram?

  • Infinity

  • One

  • Zero

  • None of these

16.Page 73

A 10 per cent increase in price of a good causes 5 per cent increase in its quantity supplied, elasticity of supply will be ______.

  • Inelastic

  • Elastic

  • Perfectly elastic

  • Perfectly inelastic

17.Page 73

When price of a·product rises by 10% its quantity supplied also rises by 10%. Find out price elasticity.

  • Zero

  • Infinity

  • 1

  • 10

18.Page 73

Which of the following does not cause shift of supply curve of a good?

  • Price of input

  • Price of the good

  • Goods and Services Tax

  • Subsidy

19.Page 73

Which of the following measures of price elasticity shows elasticity shows elastic supply?

  • 0

  • 0.5

  • 1.0

  • 1.5

20.Page 73

In case of ______, supply curve is a vertical straight line parallel to the Y-axis.

  • Perfectly Elastic Supply

  • Unitary Elastic Supply

  • Perfectly Inelastic Supply

  • Less Elastic Supply

21.Page 73

What are the values of (i), (ii) and (iii). Assume that there are only 3 firms in the market.

Price (in ₹) Firm A (units) Firm B (units) Firm C (units) Market supply (units)
10 0 25 10 35
20 10 30 (ii) 60
30 (i) 35 25 80
40 30 40 40 (iii)
50 40 45 50 135
  • 20, 20, and 80

  • 10, 20, and 110

  • 20, 30, and 135

  • 20, 20, and 110

22.Page 73

If price elasticity of supply is greater than 1, then supply is said be elastic.

  • True

  • False

23.Page 73

Match the following and select the correct option.

Column I Column II
(i) Expansion of supply (A) Rightward shift of supply curve
(ii) Increase in supply (B) Upward movement along a supply curve
(iii) Decrease in supply (C) Downward movement along a supply curve
(iv) Contraction in supply (D) Leftward shift of supply curve
  • (i) A, (ii) B, (iii) D, (iv) C

  • (i) B, (ii) C, (iii) A, (iv) B

  • (i) B, (ii) A, (iii) D, (iv) C

  • (i) C, (ii) D, (iii) A, (iv) B

24.Page 73
  1. Price elasticity of supply of a good is 0.8, its supply is said to be inelastic.
  2. If the quantity supplied of a commodity remain the same whatever its price supply is said to perfectly inelastic.
  • 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

25.Page 74

The given supply schedule represents ______.

Price (₹) 20 20
Supply (Units) 100 120
  • Expansion in supply

  • Increase in supply

  • Contraction in supply

  • Decrease in supply

26.Page 74

The given diagram is a case of ______ supply.

  • Less Elastic Supply

  • Highly Elastic Supply

  • Unitary Elastic Supply

  • Perfectly Elastic Supply

27.Page 74

What are the values of (i) and (ii) 

Market Supply Schedule (Supposing that there are only 2 firms - A and B in the market)

Price (₹) Quantity Supplied
By A By B Market
4 10,000 6,000 (ii) ______
5 12,000 10,000 22,000
6 15,000 (i) ______ 30,000
7 18,000 20,000 38,000
8 20,000 25,000 45,000
  • 16,000 and 15000

  • 15,000 and 16,000

  • 15,000 and 20,000

  • 10,000 and 16,000

28.Page 74

Choose the correct term for the given definition.

The ratio between the percentage change in supply to a percentage change in price.

  • Law of demand

  • Law of supply

  • Elasticity of demand

  • Elasticity of supply

29.Page 74

Which of the following statements are true?

The cost of production will increase if

  1. The government gives subsidies
  2. The firm uses obsolete technology
  3. The price of diesel increases
  • only (i) and (ii)

  • only (ii) and (iii)

  • only (i) and (iii)

  • All (i), (ii) and (iii)

30.Page 74

Match the following and select the correct option.

Column I Column II
(i) Expansion of supply (A) Prices are expected to fall in future
(ii) Decrease in supply (B) Fall in prices
(iii) Contraction of supply (C) Prices are expected to rise in future
(iv) Increase in supply (D) Rise in prices
  • (i) C, (ii) A, (iii) D, (iv) B

  • (i) D, (ii) A, (iii) B, (iv) C

  • (i) B, (ii) A, (iii) D, (iv) C

  • (i) D, (ii) C, (iii) B, (iv) A

31.Page 74

A relatively inelastic supply curve implies ______.

  • There is no change in price but quantity supplied changes.

  • A small change in price brings about a larger change in quantity supplied.

  • A large change in price brings about a small change in quantity supplies.

  • Although there is change in price, quantity supplied remains constant.

32.Page 75

What does the following table indicate?

Price in (₹) Quantity supplied in kg
10 15
20 40
  • An extension of supply

  • A contraction of supply

  • An upward shift of supply curve

  • A downward shift of supply curve

33.Page 69

When an entrepreneur introduces a new technique or a new product, it is called ______.

  • Invention

  • Innovation

  • Expansion

  • Inspiration

34.Page 75

When the price increases by 50% and the supply increases only by 5% the price elasticity of supply of that commodity will be ______.

  • E1 > 1

  • ES = 1

  • E1 < 1

  • E1 = 0

35.Page 75

The quantity of a commodity which a seller is ready to offer for sale at a given price and at a given time. This defines ______.

  • Elasticity of supply

  • Law of Supply

  • Supply

  • Extension of supply

36.Page 75

Identify the elasticities of the supply curves given below.

  • S1 : Relatively elastic: S2 : Relatively inelastic

  • S1 : Perfectly elastic: S2 : Perfectly inelastic

  • S1 : Relatively inelastic, S2 : Relatively elastic

  • S1 : Perfectly inelastic : S2 : Unitary elastic

37.Page 75

The Law of Supply states that other things being constant ______.

  • when the quantity supplied rises, price falls.

  • when the price falls, quantity supplied rises.

  • when the quantity supplied rises, price rises.

  • when the price falls, quantity supplied falls.

38.Page 75

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 ______.

  • 10

  • Greater than 10

  • Le.sser than 10

  • 1

39.Page 75

What will the following cause

Price in Rs. Quantity supplied in Kgs.
10 15
20 40
  • An extension of supply curve.

  • A constraction of supply curve.

  • A downward shift of supply curve.

  • An upward shift of supply curve.

40.Page 75

When a straight-line supply curve passes through the origin, the elasticity of supply will be ______.

  • Unitary elastic

  • Relatively elastic

  • Relatively inelastic

  • Perfectly elastic

41.Page 75

A change in the price of a good ______.

  • shifts the good's supply curve but does not cause a movement along it.

  • does not shift the good's supply curve but causes a movement along it.

  • shifts the good's supply curve and also causes a movement along it.

  • neither shifts the good's supply curve nor causes a movement along it.

42.Page 75

Elasticity of supply is measured by:

  • `(ΔQ)/PxxQ/(ΔP)`

  • `(ΔP)/PxxQ/(ΔQ)`

  • `(ΔP)/(ΔQ)xxQ/(P)`

  • `(ΔQ)/QxxP/(ΔP)`

43.Page 75

Pick the option which does not belong to the group.

  • Price of a commodity

  • Cost of Inputs

  • Income of the consumer

  • Level of technology

44.Page 76

An extension of supply curve of Product X occurs when ______.

  • The price of the product increases

  • The price of its inputs increases

  • The price of the product decreases

  • The price of its substitute decreases

45.Page 76

Supply always refers to a specific desired quantity which a seller is willing to ______.

  • Sell

  • Purchase

  • Store

  • None of these

46.Page 76

When a straight-line supply curve cuts the y-axis, the elasticity of supply will be ______.

  • Elastic

  • Inelastic

  • Unitary elastic

  • Perfectly inelastic

47.Page 76

What will be the effect of raising production subsidies on the supply of a commodity?

  • Downward movement along with the supply curve.

  • Leftward shift of supply curve.

  • Rightward shift of supply curve.

  • Upward movement along the supply curve.

48.Page 76

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 ______.

  • Unitary elastic supply

  • Relatively inelastic supply

  • Relatively elastic supply

  • Perfectly inelastic supply

49.Page 76

A linear supply curve starting from the origin making an angle of 75 degree with X-axis will have ______.

  • Relatively elastic supply

  • Relatively inelastic supply

  • Perfectly elastic supply

  • Unitary elastic supply

50.Page 76

If Government of India bans the production of plastic bags, how will the supply curve be affected?

  • The supply curve would shift to the right.

  • The supply curve would shift to the left.

  • The supply curve would not shift in any direction.

  • The supply would become vertical.

51.Page 76

The continuous rain and lack of fresh supply have affected the availability of tomatoes in India during June - July 2023. What will be the impact on the supply curve for tomatoes?

  • Supply curve will shift to the right.

  • Upward movement along the supply curve.

  • Supply curve will shift to the left.

  • Downward movement along the supply curve.

52.Page 76

Identify the elasticity of supply (es) of S1, S2 and S3 supply curves:

  • All have es > 1

  • All have es < 1

  • All have es = 1

  • All have es = 0

53.Page 76

Identify the value of elasticity of supply for the supply curve OS and S1S2.

  • OS > 1, S1S2 < 1

  • OS < 1, S1S2 > 1

  • OS < 1, S1S2 = 1

  • OS = 1, S1S2 > 1

54.Page 77

Due to cyclonic effect in an area, the sea level covers a number of rice fields in that area. This reduces productivity of land. How will this affect the supply curve of rice of that region?

  • Downward movement along the supply curve

  • Supply curve shifts to the leftward side

  • Upward movement along the supply curve

  • Supply curve shifts to the rightward side

55.Page 77

If an increase in output by the firms in an industry causes only a slight increase or decrease in cost per unit, supply will be ______.

  • Perfectly elastic

  • Relatively elastic

  • Perfectly inelastic

  • Relatively inelastic

Assertion-Reasoning & Matching Based Questions

1.Page 77

Identify the correct sequence of alternatives given in Column II by matching them with respective terms in Column I:

Column I Column II
A. Perfectly Inelastic (i) Es > 1
B. Perfectly Elastic (ii) Es < 1
C. Inelastic (iii) Es = 0
D. Highly Elastic (iv) Es = infinity

Choose the correct alternative:

  • A. (iv), B. (i), C. (iii), D. (ii)

  • A. (ii), B. (iii) c. (i), D. (iv)

  • A (iii), B. (iv), C. (ii) D. (i)

  • A. (i), B. (ii), c. (iv), D. (iii)

2.Page 77

Read the following statements carefully and choose the correct alternative:

Statement (1): Increase in supply results from a fall in the price, other things being equal.

Statement (2): Contraction in supply results from a rise in price, other things being equal.

  • Statement 1 is true and statement 2 is false.

  • Statement 2 is true and statement 1 is false.

  • Both the statements are true.

  • Both the statements are false.

Read the following statements - Assertion (A) and Reason (R). Choose one of the correct alternatives given below:

3.Page 77

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.

  • Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).

  • Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).

  • Assertion (A) is true but Reason (R) is false.

  • Assertion (A) is false but Reason (R) is true.

4.Page 77

Assertion (A): Law of Supply is a qualitative statement.

Reason (R): Law of Supply indicates the magnitude of change in the quantity supplied.

  • Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).

  • Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).

  • Assertion (A) is true but Reason (R) is false.

  • Assertion (A) is false but Reason (R) is true.

Short Answer Type Questions

1.Page 78

Define the term supply.

2.Page 78

Differentiate between supply and stock.

3.Page 78

Mention the impact of advanced technology on the supply of a commodity.

4. (i)Page 78

Explain how the supply of a commodity is affected by the prices of other related commodities. Give suitable examples.

4. (ii)Page 78

A farmer grows rice and wheat. How will an increase in the price of rice affect the supply of wheat?

5.Page 78

State the law of supply.

6.Page 78

Mention two assumptions of the law of supply.

7.Page 78

Give two reasons for the positive slope of the supply curve.

8.Page 78

Construct an imaginary individual supply schedule. Draw an individual supply curve based on an imaginary individual supply schedule.

9.Page 78

Derive market supply schedule and curve from the following hypothetical individual supply schedules of two firms A and B.

Price SA SB
2 10 7
3 12 8
4 14 9
10.Page 78

What is extension in supply? Show it diagrammatically.

Price  (₹ Per unit) 0 1 2 3 4 5 6 7 8
Supply (units) 0 0 2 4 6 8 10 12 14
11. (i)Page 78

Draw the supply curve of the following situation:

Elasticity of supply = 0

11. (ii)Page 78

Draw supply curve of the following situation:

Elasticity of supply = ∞

12.Page 78

What do you understand by shifts of the supply curve?

13.Page 78

Point out two factors that lead to increase in supply.

14.Page 78

Mention two factors which cause decrease in supply.

15.Page 78

What effect does increased input price have on the supply of a commodity? Draw a diagram to explain of your answer.

16. (i)Page 78

If the government of India levies excise duty on sugar, in which direction will the supply of sugar shift?

16. (ii)Page 78

If the government of India levies excise duty on wheat, in which direction will the supply curve of wheat shift? Explain with the help of a diagram.

17.Page 78

Define elasticity of supply.

18. aPage 78

When is the supply of a commodity is called elastic?

18. bPage 78

Draw a straight line supply showing elasticity greater than one.

19.Page 79

Price of a product increases by 2%. As a result, its supply rises by 4%. What is elasticity of supply of the commodity?

20.Page 79

The coefficient of elasticity of a commodity is 0.4. What percentage change in supply will take place if its price rises 20%?

21.Page 79

With the help of a formula calculate the elasticity of supply from the following table:

Price Quantity supplied
10 200
15 225
22.Page 79

Draw and briefly explain a perfectly inelastic supply curve.

23.Page 79

The quantity of a commodity supplied increases by 25% when its price rises by 10%. Calculate price elasticity of supply.

24.Page 79

The price of a commodity rises from ₹ 20 to ₹ 40 Consequently, its supply increases from 100 units to 400 units. Calculate price elasticity of supply.

25.Page 79

Draw and briefly explain a perfectly elastic supply curve.

26.Page 79

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.

Long Answer Type Questions

1.Page 79

What are the factors on which the supply of a commodity depends? Discuss them briefly.

2. (i) a.Page 79

State and explain the law of supply with the help of a diagram.

2. (i) b.Page 79

Discuss any two exceptions to the law of supply.

2. (ii) a.Page 79

Derive market supply schedule and curve from the following hypothetical individual supply schedules of two firms A and B.

Price SA SB
2 10 7
3 12 8
4 14 9
2. (ii) b.Page 79

Discuss any two exceptions to the law of supply.

3. (i)Page 79

With the help of a diagram state whether supply of a good is directly or inversely related to price?

3. (ii)Page 79

What are the factors on which the supply of a commodity depends? Discuss them briefly.

4.Page 79

Distinguish between a change in quantity supplied and a change in supply.

5. (i)Page 79

Define increase in supply.

5. (ii)Page 79

Point out important factors that lead to increase in supply.

6.Page 79

Distinguish between expansion of supply and increase in supply.

7. (i)Page 79

With the help of a diagram define decrease in supply.

7. (ii)Page 79

Discuss four factors which determine decrease in supply phenomenon.

8.Page 79

Distinguish between contraction and decrease in supply.

9. (i)Page 79

Construct an imaginary individual supply schedule. Draw an individual supply curve based on an imaginary individual supply schedule.

9. (ii)Page 79

Distinguish between contraction in supply and increase in supply of a commodity.

10. (i)Page 79

Define elasticity of supply.

10. (ii)Page 79

Explain any four determinants of elasticity of supply.

11.Page 79

How is elasticity of supply measured according to the percentage method?

12. (i)Page 79

Give the meaning of perfectly elastic supply.

12. (ii)Page 79

Draw and briefly explain a perfectly inelastic supply curve.

13. (a)Page 79

Define price elasticity of supply.

13. (b) (i)Page 79

Draw the supply curve showing price elasticity of supply equal to one.

13. (b) (ii)Page 79

Draw the supply curve showing price elasticity of supply greater than one.

13. (b) (iii)Page 79

Draw the supply curve showing price elasticity of supply less than one.

13. (b) (iv)Page 79

Draw the supply curve of the following situation:

Elasticity of supply = 0

14. aPage 80

Define price elasticity of supply.

14. b (i)Page 80

Draw and briefly explain a perfectly elastic supply curve.

14. b (ii)Page 80

Draw and briefly explain a perfectly inelastic supply curve.

15. (i) (a)Page 80

Indicate the degree of elasticity on the supply curve given below:

15. (i) (b)Page 80

Indicate the degree of elasticity on the supply curve given below:

15. (ii)Page 80

Explain any four determinants of elasticity of supply.

16 (ii)Page 74

Draw and briefly explain a perfectly elastic supply curve.

16. (i)Page 80

Draw and explain the following degree of elasticity of supply.

Ep = ∞

16. (ii)Page 80

Draw and briefly explain a perfectly inelastic supply curve.

16. (iii)Page 80

Draw and explain the following degree of elasticity of supply.

Ep > 1

17. (i) a.Page 80

What do you understand by supply?

17. (i) bPage 80

Distinguish between supply and stock.

17. (ii) aPage 80

What does the Law of Supply state?

17. (ii) bPage 80

List two assumptions of this Law of Supply.

17. (iii)Page 80

What are the factors on which the supply of a commodity depends? Discuss them briefly.

18.Page 80

Identify and define the degree of price elasticity of supply from the diagram for the supply curves S1, S2, S3, S4.

19. (a)Page 80

State the law of supply.

19. (b)Page 80

Complete the following market supply schedule and give a graphical representation of the same.

Market Supply Schedule of Firm A and B
Price per unit (₹) Quantity supplied (kgs) by Market Supply (kgs)
Firm A Firm B
5 3 5 ?
6 6 9 ?
7 8 12 ?
8 9 14 ?
19. (c)Page 80

Differentiate between supply and stock.

20. (a)Page 80

What is meant by elasticity of supply?

20. (b) 1.Page 80

Explain graphically the following:

Relatively Elastic Supply

20. (b) 2.Page 80

Explain graphically the following:

Unitary Elastic Supply

20. (b) 3.Page 80

Explain graphically the following:

Perfectly Elastic Supply

QUESTION BANK [Pages 80 - 85]

Goyal Brothers Prakashan solutions for इकॉनॉमिक एप्लिकेशन्स [अंग्रेजी] कक्षा १० आईसीएसई 3 Theory of Supply QUESTION BANK [Pages 80 - 85]

1.Page 80

Define the term supply.

2.Page 80

Differentiate between supply and stock.

3.Page 80

What is a supply schedule?

4.Page 80

What is market supply?

5.Page 80

What is supply function?

6.Page 80

State any two factors determining supply.

7.Page 81

Define supply curve.

8.Page 81

Explain the law of supply.

9.Page 81

What is meant by change in quantity supplied?

10.Page 81

What is meant by shift in supply curve?

11.Page 81

What is meant by extension of supply?

12.Page 81

What is meant by contraction of supply?

13.Page 81

What causes a downward movement along a supply curve?

14.Page 81

What causes an upward movement along the supply curve of a commodity?

15.Page 81

What is meant by 'increase' in supply?

16.Page 81

What is ‘decrease’ in supply?

17.Page 81

How does technological progress affect the supply curve of a firm?

18.Page 81

If a farmer grows rice and wheat, how will a decrease in the price of wheat affect the supply curve of rice?

19.Page 81

How does the imposition of tax affect the supply curve of a firm?

20.Page 81

How does an decrease in price of an input affect the supply curve of a firm?

21.Page 81

How does a increase in the number of firms in a market affect the market supply curve?

22.Page 81

Define price elasticity of supply.

23.Page 81

If the price of a commodity falls by 10% and consequently, the quantity supplied decreases by 20%, what will be its elasticity of supply?

24.Page 81

Why does the measure of price elasticity of supply of a good carry plus sign?

25.Page 81

What is meant by inelastic supply?

26.Page 82

What do you mean by elastic supply?

27.Page 82

When is supply of a good unitary elastic?

28.Page 82

What is meant by perfectly elastic supply?

29.Page 82

What do you mean by perfectly inelastic supply?

30.Page 82

Price elasticity of supply of a good is 0.8. Is the supply 'elastic' or 'inelastic', and why?

31.Page 82

Why is the supply of eggs inelastic?

32. (i)Page 82

Define the term supply.

32. (ii)Page 82

State the law of supply.

33.Page 82

Give two reasons for the positive slope of the supply curve.

34. (i)Page 82

Construct an imaginary individual supply schedule. Draw an individual supply curve based on an imaginary individual supply schedule.

34. (ii)Page 82

State one exception to the law of supply.

35.Page 83

Explain the following diagram.

36.Page 83

With the help of a diagram, define increase in supply.

37.Page 83

Explain any two causes of increase in supply of a commodity.

38.Page 83

With the help of a diagram define decrease in supply.

39.Page 83

Explain any two causes of decrease in supply of a commodity.

40.Page 83

Mention the impact of advanced technology on the supply of a commodity.

41.Page 84

What effect does increased input price have on the supply of a commodity? Draw a diagram to explain of your answer.

42.Page 84

What are the factors on which the supply of a commodity depends? Discuss them briefly.

43. (i)Page 84

Define elasticity of supply.

43. (ii)Page 84

Explain any four determinants of elasticity of supply.

44.Page 85

Explain the percentage method of measuring price elasticity of supply.

45. (i)Page 85

Draw the supply curve showing price elasticity of supply equal to one.

45. (ii)Page 85

Draw the supply curve showing price elasticity of supply less than one.

45. (iii)Page 85

Draw a straight line supply curve of the following situation.

More than unitary elastic

46. (a)Page 85

Draw supply curve of the following situation:

Elasticity of supply = ∞

46. (b)Page 85

Draw the supply curve of the following situation:

Elasticity of supply = 0

Solutions for 3: Theory of Supply

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Goyal Brothers Prakashan solutions for इकॉनॉमिक एप्लिकेशन्स [अंग्रेजी] कक्षा १० आईसीएसई chapter 3 - Theory of Supply - Shaalaa.com

Goyal Brothers Prakashan solutions for इकॉनॉमिक एप्लिकेशन्स [अंग्रेजी] कक्षा १० आईसीएसई chapter 3 - Theory of Supply

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Concepts covered in इकॉनॉमिक एप्लिकेशन्स [अंग्रेजी] कक्षा १० आईसीएसई chapter 3 Theory of Supply are Concept of Supply, Determinants Or Factors Governing the Supply, Law of Supply, Determinants of Supply, Types of Supply, Concept of Stock, Distinguish between Stock and Supply, Why Does the Supply Curve Slopes Upward to the Right, Distinction Between Change in Quantity Supplied (Or Movement Along Supply Curve and Change in Supply Or Shift of the Supply Curve), Distinction Between Expansion in Supply and Increase in Supply, Distinction Between Contraction in Supply and Decrease in Supply, Elasticity of Supply, Movements Along and Shifts in Supply Curve.

Using Goyal Brothers Prakashan इकॉनॉमिक एप्लिकेशन्स [अंग्रेजी] कक्षा १० आईसीएसई solutions Theory of Supply exercise by students is an easy way to prepare for the exams, as they involve solutions arranged chapter-wise and also page-wise. The questions involved in Goyal Brothers Prakashan Solutions are essential questions that can be asked in the final exam. Maximum CISCE इकॉनॉमिक एप्लिकेशन्स [अंग्रेजी] कक्षा १० आईसीएसई students prefer Goyal Brothers Prakashan Textbook Solutions to score more in exams.

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