Commerce Exam > Commerce Notes > Economics Class 11 > Supply and Elasticity - Microeconomics
Supply and Elasticity - Microeconomics | Economics Class 11 - Commerce PDF Download
| Download, print and study this document offline |
|
75 videos|269 docs|46 tests
|
FAQs on Supply and Elasticity - Microeconomics - Economics Class 11 - Commerce
| 1. What is supply in microeconomics? |  |
Ans. Supply in microeconomics refers to the quantity of a good or service that producers are willing and able to offer for sale in the market at a given price and within a specific time period. It is represented by a supply curve, which shows the relationship between price and quantity supplied.
| 2. How is elasticity related to supply in microeconomics? | |
Ans. Elasticity of supply measures the responsiveness of quantity supplied to changes in price. It indicates how much the quantity supplied changes when there is a change in price. If the supply is elastic, a small change in price will lead to a relatively larger change in quantity supplied. On the other hand, if the supply is inelastic, a change in price will result in a relatively smaller change in quantity supplied.
| 3. What factors affect the elasticity of supply? | |
Ans. Several factors influence the elasticity of supply, including the availability of inputs, production time period, ease of substitution, and market structure. If inputs are readily available, production can be increased or decreased more easily, making supply more elastic. In the long run, supply tends to be more elastic as producers have more time to adjust their production processes. The ease of substituting inputs or production methods also affects elasticity. In highly competitive markets, producers may have limited control over prices, resulting in a more elastic supply.
| 4. How does price affect the supply of a good? | |
Ans. Price has a significant impact on the supply of a good. According to the law of supply, as the price of a good increases, the quantity supplied by producers also increases. This positive relationship between price and quantity supplied is represented by an upward-sloping supply curve. Higher prices incentivize producers to increase production and offer more goods for sale in order to maximize their profits.
| 5. Can supply ever be perfectly elastic or perfectly inelastic? | |
Ans. Yes, supply can be perfectly elastic or perfectly inelastic in certain cases. When supply is perfectly elastic, a small change in price leads to an infinite change in quantity supplied. This occurs when producers can adjust their production levels without any constraints or limitations. On the other hand, when supply is perfectly inelastic, even a significant change in price has no effect on the quantity supplied. This situation arises when producers are unable to increase or decrease their production regardless of price changes, such as in the short run when fixed inputs are involved.
Related Exams
About this Document
|
2.3K Views |
|
4.94/5 Rating |
|
Nov 21, 2024 Last updated |
Document Description: Supply and Elasticity - Microeconomics for Commerce 2024 is part of Economics Class 11 preparation.
The notes and questions for Supply and Elasticity - Microeconomics have been prepared according to the Commerce exam syllabus. Information about Supply and Elasticity - Microeconomics covers topics
like and Supply and Elasticity - Microeconomics Example, for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Supply and Elasticity - Microeconomics.
Introduction of Supply and Elasticity - Microeconomics in English is available as part of our Economics Class 11
for Commerce & Supply and Elasticity - Microeconomics in Hindi for Economics Class 11 course.
Download more important topics related with notes, lectures and mock test series for Commerce
Exam by signing up for free. Commerce: Supply and Elasticity - Microeconomics | Economics Class 11 - Commerce
Description
Full syllabus notes, lecture & questions for Supply and Elasticity - Microeconomics | Economics Class 11 - Commerce - Commerce | Plus excerises question with solution to help you revise complete syllabus for Economics Class 11 | Best notes, free PDF download
Information about Supply and Elasticity - Microeconomics
In this doc you can find the meaning of Supply and Elasticity - Microeconomics defined & explained in the simplest way possible. Besides explaining types of
Supply and Elasticity - Microeconomics theory, EduRev gives you an ample number of questions to practice Supply and Elasticity - Microeconomics tests, examples and also practice Commerce
tests
|
Explore Courses for Commerce exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Supply and Elasticity - Microeconomics | Economics Class 11 - Commerce
,video lectures
,Objective type Questions
,past year papers
,MCQs
,Free
,shortcuts and tricks
,study material
,Viva Questions
,ppt
,Previous Year Questions with Solutions
,Extra Questions
,Supply and Elasticity - Microeconomics | Economics Class 11 - Commerce
,mock tests for examination
,Exam
,Semester Notes
,Sample Paper
,Summary
,Supply and Elasticity - Microeconomics | Economics Class 11 - Commerce
,practice quizzes
,Important questions
;
Additional Information about Supply and Elasticity - Microeconomics for Commerce Preparation
Supply and Elasticity - Microeconomics Free PDF Download
The Supply and Elasticity - Microeconomics is an invaluable resource that delves deep into the core of the Commerce exam.
These study notes are curated by experts and cover all the essential topics and concepts, making your preparation more efficient and effective.
With the help of these notes, you can grasp complex subjects quickly, revise important points easily,
and reinforce your understanding of key concepts. The study notes are presented in a concise and easy-to-understand manner,
allowing you to optimize your learning process. Whether you're looking for best-recommended books, sample papers, study material,
or toppers' notes, this PDF has got you covered. Download the Supply and Elasticity - Microeconomics now and kickstart your journey towards success in the Commerce exam.
Importance of Supply and Elasticity - Microeconomics
The importance of Supply and Elasticity - Microeconomics cannot be overstated, especially for Commerce aspirants.
This document holds the key to success in the Commerce exam.
It offers a detailed understanding of the concept, providing invaluable insights into the topic.
By knowing the concepts well in advance, students can plan their preparation effectively.
Utilize this indispensable guide for a well-rounded preparation and achieve your desired results.
Supply and Elasticity - Microeconomics Notes
Supply and Elasticity - Microeconomics Notes offer in-depth insights into the specific topic to help you master it with ease.
This comprehensive document covers all aspects related to Supply and Elasticity - Microeconomics.
It includes detailed information about the exam syllabus, recommended books, and study materials for a well-rounded preparation.
Practice papers and question papers enable you to assess your progress effectively.
Additionally, the paper analysis provides valuable tips for tackling the exam strategically.
Access to Toppers' notes gives you an edge in understanding complex concepts.
Whether you're a beginner or aiming for advanced proficiency, Supply and Elasticity - Microeconomics Notes on EduRev are your ultimate resource for success.
Supply and Elasticity - Microeconomics Commerce Questions
The "Supply and Elasticity - Microeconomics Commerce Questions" guide is a valuable resource for all aspiring students preparing for the
Commerce exam. It focuses on providing a wide range of practice questions to help students gauge
their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation.
The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level.
Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.
Study Supply and Elasticity - Microeconomics on the App
Students of Commerce can study Supply and Elasticity - Microeconomics alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Supply and Elasticity - Microeconomics,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Supply and Elasticity - Microeconomics is prepared as per the latest Commerce syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup