(English Medium) ICSE Class 10 - CISCE Important Questions for Economics

State whether demand will be Elastic or Inelastic. Give reasons for your answer.

A consumer prefers to postpone the purchase of a car to avail more of year ending discount.

Explain the term elasticity of demand.

Under what conditions does the supply of good exhibit unitary elasticity?

With the help of a graph explain a perfectly inelastic demand curve.

Explain briefly the impact of the cost of production on the elasticity of supply.

Draw a perfectly inelastic supply curve.

With the help of a suitable diagram, explain the following degree of elasticity of supply.

E_s = ∞

Draw a well-labelled diagram showing the price elasticity of supply of a commodity starting from the origin.

Draw a perfectly elastic supply curve.

Define a relatively elastic supply.

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.

Explain the law of supply.

What is an extension of supply?

Distinguish between expansion of supply and increase in supply.

What is meant by elasticity of supply?

Define a relatively inelastic supply.

Draw relatively inelastic supply.

Draw relatively elastic supply.