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The elasticity at a point on a straight line supply curve passing through the origin making an angle of 45°will be
- a)4
- b)2
- c)3
- d)1.0
Correct answer is option 'D'. Can you explain this answer?
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Most Upvoted Answer
The elasticity at a point on a straight line supply curve passing thro...
Degrees with the horizontal axis is equal to 1.
Explanation:
The elasticity of supply is defined as the percentage change in quantity supplied divided by the percentage change in price. Mathematically, it can be represented as:
Elasticity of Supply = (% Change in Quantity Supplied) / (% Change in Price)
For a linear supply curve passing through the origin, the slope of the curve represents the change in quantity supplied for a given change in price. This slope is constant along the curve, and equals the tangent of the angle made by the curve with the horizontal axis.
In this case, the angle is 45 degrees, which means the slope is 1. Therefore, for a given change in price, the quantity supplied changes by the same percentage. This implies that the elasticity of supply is 1, which means that supply is unit elastic at every point along the curve.
Explanation:
The elasticity of supply is defined as the percentage change in quantity supplied divided by the percentage change in price. Mathematically, it can be represented as:
Elasticity of Supply = (% Change in Quantity Supplied) / (% Change in Price)
For a linear supply curve passing through the origin, the slope of the curve represents the change in quantity supplied for a given change in price. This slope is constant along the curve, and equals the tangent of the angle made by the curve with the horizontal axis.
In this case, the angle is 45 degrees, which means the slope is 1. Therefore, for a given change in price, the quantity supplied changes by the same percentage. This implies that the elasticity of supply is 1, which means that supply is unit elastic at every point along the curve.
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The elasticity at a point on a straight line supply curve passing thro...
If supply is unit elastic, then each percentage increase in price results in exactly a 1 percent increase in the quantity supplied. This change is only possible when the slope equals 1 (which occurs with a 45-degree line) and starts at the origin.
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The elasticity at a point on a straight line supply curve passing through the origin making an angle of 45°will bea)4b)2c)3d)1.0Correct answer is option 'D'. Can you explain this answer?
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