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When is the supply of a commodity is called elastic? - Economic Applications

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Question

When is the supply of a commodity is called elastic?

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Solution

If the percentage change in supply of a good is greater than the percentage change in the price then the supply of the good is said to be elastic. (Es > 1)

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Elasticity of Supply
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Chapter 3: Theory of Supply - QUESTIONS [Page 72]

APPEARS IN

Goyal Brothers Prakashan Economic Applications [English] Class 10 ICSE
Chapter 3 Theory of Supply
QUESTIONS | Q 18. a | Page 72
Goyal Brothers Prakashan Economics [English] Class 10 ICSE
Chapter 4 Theory of Supply
Exercise | Q 19. (i) | Page 99

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