Frank solutions for Economics [English] Class 12 ISC chapter 5 - Supply - Law of Supply and Price Elasticity of Supply [Latest edition]

Various quantities of a commodity which producers are willing to produce and offer for sale at different prices during a particular period is called ______.

What type of relationship between the price of a commodity and the quantity supplied is indicated by the law of supply?

Graphical representation of various quantities of a commodity which all the producers are willing to produce and sell at different prices during a given period is known as ______.

What is the reason for upward sloping supply curve?

Which of the given options is the correct reason for backward sloping curve of labour?

Contraction of supply refers to a situation when there is ______.

When supply increases due to improvement in technology it is known as ______.

Elasticity of supply is always positive because of ______.

Supply of a commodity would be relatively more elastic in case of ______.

A straight line supply curve drawn through the origin has the same type of elasticity at all the points ______.

A straight line supply curve that cuts the X-axis has ______.

Define supply.

Distinguish between supply and stock.

Give two differences between intended supply and actual supply.

Distinguish between Individual supply and Market supply.

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

How do changes in the prices of factors of production affect the supply of a commodity?

How do expectations about future prices affect the supply of a commodity?

How will cost-saving technical progress affect the supply curve?

Explain four factors on which the supply of a commodity depends.

Mention two factors other than price, which influence the supply of a commodity.

What is supply function?

State the law of supply.

What is a supply schedule?

What is a supply curve?

Explain the shape of a supply curve.

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

What is meant by market period?

What is meant by market period?

What is the shape of supply curve in the market period?

Draw the supply curve of a perishable commodity. Give a reason for the shape of the supply curve.

What is the implication of a vertical supply curve?

Define ‘shift’ in supply curve.

What is meant by a change in supply?

State what causes movement along the supply curve and show it diagrammatically.

What is meant by change in quantity supplied?

What is meant by ‘increase’ in supply?

What is ‘decrease’ in supply?

What is expansion of supply?

Define contraction in supply.

What causes a downward movement along a supply curve?

What does the shift of supply curve to the right indicate?

What effect does an increase in excise tax rate have on the supply curve of the product?

How does an improvement in production technology influence the supply curve of a firm?

What effect does an increase in production subsidy have on the supply curve?

Define price elasticity of supply.

State the degrees of elasticity of supply.

Write the formula of measuring price elasticity of supply.

What is meant by perfectly elastic supply?

What do you mean by perfectly inelastic supply?

What do you mean by elastic supply?

What is meant by the Unitary elastic supply?

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

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

Draw a straight line supply showing elasticity greater than one.

Draw a supply curve for elasticity of supply = 0.

Draw a supply curve for elasticity of supply = ∞.

Draw a supply curve for Elasticity of supply < 1.

Explain any four determinants of elasticity of supply.

Explain the supply function.

State the law of supply.

Discuss how change in technology affects the supply of a commodity.

Why does supply curve slope upward to the right?

Derive a market supply curve from two hypothetical individual supply schedule.

State and explain the law of supply with exceptions.

Why is the supply curve of labour backward sloping? Explain with the help of a diagram.

Discuss how the supply of labour is an exception to the law of supply. Justify the statement using a diagram.

State what causes movement along the supply curve and show it diagrammatically.

Define increase in supply.

Distinguish between expansion of supply and increase in supply.

Distinguish between contraction and decrease in supply.

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

State three factors that can cause a rightward shift of the supply curve of a commodity.

Give one reason for an “increase” in supply of a commodity. 

Explain three determinants of a leftward shift of the supply curve.

What is meant by price elasticity of supply?

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

Define price elasticity of supply.

Draw the supply curve of the following situation:

Elasticity of supply = 0

Draw supply curve of the following situation:

Elasticity of supply = ∞

Distinguish between supply and stock.

With the help of diagrams, explain the relationship between time period and supply.

Explain four factors on which the supply of a commodity depends.

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

Explain the law of supply with the help of a supply schedule and supply curve. 

State and explain the law of supply with its assumptions.

State and explain the law of supply with exceptions.

Derive a market supply curve from two hypothetical individual supply schedule.

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

State three factors that can cause a rightward shift of the supply curve of a commodity.

State and explain the elasticity of supply when a straight line supply curve cuts the Y-axis.

State and explain the elasticity of supply when a straight-line supply curve cuts the X-axis.

State and explain the elasticity of supply when a straight line supply curve passes through the origin O.

State and explain the elasticity of supply when a straight line supply curve is parallel to the X-axis.

State and explain the elasticity of supply when a straight line supply curve is parallel to the Y-axis.

Define price elasticity of supply.

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

Draw a straight line supply showing elasticity greater than one.

Explain the geometric method of calculating the elasticity of supply.

How can you determine the elasticity of supply at any point on a non-linear supply curve? Explain with the help of a diagram.

Explain any four determinants of elasticity of supply.

In the text, you have learnt that a positively sloping straight line supply curve has the same supply elasticity at all the points. Can we say the same thing about the supply elasticity at different points on the positively sloping non-linear supply curve?

A seller sells 100 units of a commodity when its price per unit is ₹ 10. The supply goes up to 140 units as a result of an increase in its price to ₹ 12 per unit. Calculate the price elasticity of supply.

As a result of fall in the price of a commodity from ₹ 6 per unit to ₹ 5 per unit, the quantity supplied falls by 25 percent. Calculate its price elasticity of supply.

When the price of a commodity rises from ₹ 10 to ₹ 11 per unit, its quantity supplied rises by 100 units. Its price elasticity of supply is 2. Calculate the quantity supplied at the increased price.

The quantity supplied of a commodity at a price ₹ 10 per unit is 1250. Its price elasticity is 1. Calculate the price at which its quantity supplied will be 750.