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Types of Elasticity

At which valu...

Question

At which value price elasticity of supply is said to be elastic?

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Solution

Price elasticity of supply is said to be elastic when the value is 1.

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Similar questions

Q. Give reasons or explain:

i. Supply is directly related to price.

ii. Stock can exceed supply.

iii. When price rises, supply expands.

iv. The supply of agricultural commodity is relatively inelastic.

v. With a slight change in the price, if supply varies in a greater proportion then supply is said to be relatively elastic.

Q. When the price of a commodity changes from Rs.

4

per unit to Rs.

5

unit, its market supply rises from

100

120

units. Calculate price elasticity of supply. Is supply elastic? Give reason.

Q. which of the following measures of price elasticity shows elastic supply
a. Zero
b. 0.5
c 1.5
d. 0.1

Is the price elasticity of supply positive or negative?

At what value is the supply perfectly elastic?

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