Elasticity of Supply
Economics ⇒ Consumer and Producer Behaviour
Elasticity of Supply starts at 11 and continues till grade 12.
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A 10% increase in the price of a commodity leads to a 20% increase in its quantity supplied. What is the price elasticity of supply?
A commodity has a perfectly inelastic supply. What will be the elasticity of supply?
A firm increases its supply from 200 units to 250 units when the price rises from ₹40 to ₹50. Calculate the price elasticity of supply.
A firm is able to increase its output by 50% when the price rises by 25%. What is the elasticity of supply?
A sudden increase in demand for a product leads to a sharp rise in its price. If producers are unable to increase supply immediately, what can you say about the elasticity of supply in the short run?
A supply curve that is parallel to the quantity axis indicates which type of elasticity?
Calculate the price elasticity of supply if the initial quantity supplied is 100 units at ₹50, and it increases to 120 units when the price rises to ₹60.
Define elasticity of supply.
Explain how the time period affects the elasticity of supply.
Explain the concept of unitary elasticity of supply with an example.
Explain the difference between perfectly elastic supply and perfectly inelastic supply.
Explain the effect of government-imposed quotas on the elasticity of supply.
Explain the impact of technological advancement on the elasticity of supply.
Explain the relationship between elasticity of supply and the slope of the supply curve.
Explain why the supply of manufactured goods is generally more elastic than the supply of agricultural goods.
If a 5% increase in price leads to a 2% increase in quantity supplied, what is the elasticity of supply?
If the price of a good increases by 15% and the quantity supplied increases by 15%, what is the elasticity of supply?
State one reason why agricultural products often have inelastic supply in the short run.
