Advertisements
Advertisements
Question
Define a relatively inelastic supply.
Advertisements
Solution
Supply of a commodity will be said to be inelastic if the percentage change in quantity supplied is less than the percentage change in price.
APPEARS IN
RELATED QUESTIONS
Identify the degree of elasticity of supply from the following graph:
Pick the option which does not belong to the group.
A linear supply curve starting from the origin making an angle of 75 degree with X-axis will have ______.
When is the supply of a commodity is called elastic?
The quantity of a commodity supplied increases by 25% when its price rises by 10%. Calculate price elasticity of supply.
Price elasticity of supply is likely to be ______ in the long run.
Draw and briefly explain a perfectly elastic supply curve.
Indicate the degree of elasticity on the supply curve given below:
When is supply of a good unitary elastic?
Draw relatively elastic supply.
