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प्रश्न
If price elasticity of supply is greater than 1, then supply is said be elastic.
पर्याय
True
False
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उत्तर
This statement is True.
Explanation:
When the price elasticity of supply is greater than 1, the percentage change in quantity supplied is greater than the percentage change in price. This indicates that supply is elastic, meaning producers are highly responsive to price changes.
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संबंधित प्रश्न
Explain briefly the impact of the cost of production on the elasticity of supply.
Draw a well-labelled diagram showing the price elasticity of supply of a commodity starting from the origin.
Draw a perfectly elastic supply curve.
Identify the degree of elasticity of supply from the following graph:
When price of a·product rises by 10% its quantity supplied also rises by 10%. Find out price elasticity.
When an entrepreneur introduces a new technique or a new product, it is called ______.
Elasticity of supply is measured by:
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 ______.
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.
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.
Draw the supply curve showing price elasticity of supply greater than one.
Using graphs, explain any four types of elasticity of supply.
What do you mean by elastic supply?
Price elasticity of supply of a good is 0.8. Is the supply 'elastic' or 'inelastic', and why?
Explain the percentage method of measuring price elasticity of supply.
Draw relatively inelastic supply.
Draw relatively elastic supply.
