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Questions
Draw supply curve of the following situation:
Elasticity of supply = ∞
Draw a supply curve for the following situations:
When elasticity of supply is equal to infinity.
Draw a supply curve for the following situations of elasticity of supply:
When elasticity of supply is equal to infinity.
Draw a supply curve for the following situations:
When elasticity of supply is equal to infinity.
Diagram
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Solution
When Es = ∞
When Es = ∞, the supply curve is a horizontal straight line. It has infinite price elasticity at the OP price.
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Notes
Students should refer to the answer according to the question.
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Chapter 5: Supply - Law of Supply and Price Elasticity of Supply - TEST YOURSELF QUESTIONS [Page 98]
