Advertisements
Advertisements
Question
With the help of a formula calculate the elasticity of supply from the following table:
| Price | Quantity supplied |
| 10 | 200 |
| 15 | 225 |
Advertisements
Solution
Es = `(ΔQ)/(ΔP)xxP/Q`
= `25/5xx10/200`
= `1/4`
= 0.25
APPEARS IN
RELATED QUESTIONS
With the help of a suitable diagram, explain the following degree of elasticity of supply.
Es = ∞
Identify the degree of elasticity of supply from the following graph:
What is the formula for percentage method of calculating price elasticity of supply?
Explain any three factors affecting elasticity of supply.
Identify the elasticity of supply for the following with proper reasoning:
Short run and long run period.
Identify the elasticity of supply for the following with proper reasoning:
Perishable and durable goods.
When price of a·product rises by 10% its quantity supplied also rises by 10%. Find out price elasticity.
Which of the following measures of price elasticity shows elasticity shows elastic supply?
Define elasticity of supply.
Which of the following measures of price elasticity shows inelastic supply?
When is the supply of a commodity is called elastic?
Price of a product increases by 2%. As a result, its supply rises by 4%. What is elasticity of supply of the commodity?
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.
When there is no change in price, but quality supplied changes, it implies a situation of ______.
Draw the supply curve showing price elasticity of supply equal to one.
Indicate the degree of elasticity on the supply curve given below:
What is meant by inelastic supply?
