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Production And Costs

Question

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Give the formula of price elasticity of supply.

Solution

bold eS bold space bold equals fraction numerator bold % bold space bold change bold space bold in bold space bold quantity bold space bold supplied over denominator bold % bold space bold change bold space bold in bold space bold price end fraction bold equals fraction numerator bold increment bold q over denominator bold increment bold p end fraction bold cross times bold p over bold q

Some More Questions From Production And Costs Chapter

What is meant by market period?

How will an increase in number of firms shifts the market supply curve?

What is the shape of supply curve during very short (market period)?

What is the shape of supply curve during short or long period?

What is the price elasticity associated with a straight line supply curve passing through the origin?

Name three factors that can shift a supply curve.

Give two examples where technological progress leads to a shift in the supply curve.

A new technique of production reduces the marginal cost of producing stainless steel. How will this affect the supply curve of stainless steel utensils?

Because of cyclone in a coastal area, the sea level covers a lot of rice fields. This reduces productivity of land. How will it affect supply curve of rice of that region?

Define market supply of a good.

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