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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
With the help of a suitable diagram, explain the following degree of elasticity of supply.
Es = ∞
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 value of elasticity of supply for the supply curve OS and S1S2.
Identify the elasticity of supply for the following with proper reasoning:
Perishable and durable goods.
When price of a·product rises by 10% its quantity supplied also rises by 10%. Find out price elasticity.
If price elasticity of supply is greater than 1, then supply is said be elastic.
When is the supply of a commodity is called elastic?
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 |
The quantity of a commodity supplied increases by 25% when its price rises by 10%. Calculate price elasticity 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.
How is elasticity of supply measured according to the percentage method?
Draw the supply curve showing price elasticity of supply equal to one.
Draw and explain the following degree of elasticity of supply.
Ep > 1
What do you mean by elastic supply?
Explain the percentage method of measuring price elasticity of supply.
