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Question
Elasticity of supply is measured by:
Options
`(ΔQ)/PxxQ/(ΔP)`
`(ΔP)/PxxQ/(ΔQ)`
`(ΔP)/(ΔQ)xxQ/(P)`
`(ΔQ)/QxxP/(ΔP)`
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Solution
`(ΔQ)/QxxP/(ΔP)`
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RELATED QUESTIONS
Explain briefly the impact of the cost of production on the elasticity of supply.
Draw a well-labelled diagram showing the price elasticity of supply of a commodity starting from the origin.
Define a relatively elastic supply.
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Short run and long run period.
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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Reason (R): Supply does not change with change in price in case of Es = 0.
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Draw a straight line supply showing elasticity greater than one.
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| Price | Quantity supplied |
| 10 | 200 |
| 15 | 225 |
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 explain the following degree of elasticity of supply.
Ep > 1
What is meant by elasticity of supply?
What is meant by inelastic supply?
What do you mean by elastic supply?
Define a relatively inelastic supply.
Draw relatively inelastic supply.
