(English Medium) ICSE Class 10 - CISCE Question Bank Solutions for Economic Applications

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 ______.

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

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

Choose the correct alternative:

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.

Define elasticity of supply.

When is the supply of a commodity is called elastic?

Draw a straight line supply showing elasticity greater than one.

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

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

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

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

Draw and briefly explain a perfectly inelastic supply curve.

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 and briefly explain a perfectly elastic supply curve.

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?

Give the meaning of perfectly elastic supply.

Give the meaning of perfectly inelastic supply.

Define price elasticity of supply.