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Price Elasticity of Supply:Geometric Method - Economics Video Lecture | Economics CUET Preparation - Commerce
FAQs on Price Elasticity of Supply:Geometric Method - Economics Video Lecture - Economics CUET Preparation - Commerce
| 1. What is the price elasticity of supply? |  |
Ans. The price elasticity of supply measures the responsiveness of the quantity supplied of a good or service to a change in its price. It quantifies how much the quantity supplied changes in percentage terms when the price of the product changes by 1%.
| 2. How is the price elasticity of supply calculated using the geometric method? | |
Ans. The price elasticity of supply can be calculated using the geometric method by dividing the percentage change in quantity supplied by the percentage change in price. This is represented by the equation: Price Elasticity of Supply = (% Change in Quantity Supplied) / (% Change in Price).
| 3. What does a price elasticity of supply greater than 1 indicate? | |
Ans. A price elasticity of supply greater than 1 indicates that the supply of a good or service is elastic. This means that the quantity supplied is highly responsive to changes in price. When the price increases, the quantity supplied will increase proportionally more, and vice versa.
| 4. What does a price elasticity of supply less than 1 indicate? | |
Ans. A price elasticity of supply less than 1 indicates that the supply of a good or service is inelastic. This means that the quantity supplied is not very responsive to changes in price. When the price increases, the quantity supplied will increase proportionally less, and vice versa.
| 5. How does the price elasticity of supply affect producers? | |
Ans. The price elasticity of supply is important for producers as it helps them determine how their quantity supplied will change in response to changes in price. If the supply is elastic, producers can adjust their production levels quickly to take advantage of price changes. On the other hand, if the supply is inelastic, producers may have limited ability to respond to price changes, leading to potential shortages or surpluses in the market.
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