Please select a subject first
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Which of the following statements are true?
The cost of production will increase if
- The government gives subsidies
- The firm uses obsolete technology
- The price of diesel increases
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When an entrepreneur introduces a new technique or a new product, it is called ______.
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When the price increases by 50% and the supply increases only by 5% the price elasticity of supply of that commodity will be ______.
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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 ______.
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Elasticity of supply is measured by:
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Pick the option which does not belong to the group.
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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 ______.
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A linear supply curve starting from the origin making an angle of 75 degree with X-axis will have ______.
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Identify the correct sequence of alternatives given in Column II by matching them with respective terms in Column:
| 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:
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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.
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Define elasticity of supply.
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When is the supply of a commodity is called elastic?
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Draw a straight line supply showing elasticity greater than one.
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Price of a product increases by 2%. As a result, its supply rises by 4%. What is elasticity of supply of the commodity?
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The coefficient of elasticity of a commodity is 0.4. What percentage change in supply will take place if its price rises 20%?
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With the help of a formula calculate the elasticity of supply from the following table:
| Price | Quantity supplied |
| 10 | 200 |
| 15 | 225 |
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The quantity of a commodity supplied increases by 25% when its price rises by 10%. Calculate price elasticity of supply.
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Draw and briefly explain a perfectly inelastic supply curve.
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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.
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Draw and briefly explain a perfectly elastic supply curve.
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