Commerce Exam > Commerce Videos > Economics CUET Preparation > Price Elasticity of Supply:Geometric Method - Economics
Price Elasticity of Supply:Geometric Method - Economics Video Lecture | Economics CUET Preparation - Commerce
|
172 videos|18 docs|76 tests
|
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.
Related Exams
About this Video
|
4.60/5 Rating |
|
Dec 23, 2024 Last updated |
Video Description: Price Elasticity of Supply:Geometric Method - Economics for Commerce 2024 is part of Economics CUET Preparation preparation.
The notes and questions for Price Elasticity of Supply:Geometric Method - Economics have been prepared according to the Commerce exam syllabus.
Information about Price Elasticity of Supply:Geometric Method - Economics covers all important topics for Commerce 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Price Elasticity of Supply:Geometric Method - Economics.
Introduction of Price Elasticity of Supply:Geometric Method - Economics in English is available as part of our Economics CUET Preparation for Commerce & Price Elasticity of Supply:Geometric Method - Economics in
Hindi for Economics CUET Preparation course. Download more important topics related with notes, lectures and mock test series for
Commerce Exam by signing up for free.
Description
Video Lecture & Questions for Price Elasticity of Supply:Geometric Method - Economics Video Lecture | Economics CUET Preparation - Commerce - Commerce full syllabus preparation | Free video for Commerce exam to prepare for Economics CUET Preparation.
Information about Price Elasticity of Supply:Geometric Method - Economics
Here you can find the meaning of Price Elasticity of Supply:Geometric Method - Economics defined & explained in the simplest way possible.
Besides explaining types of Price Elasticity of Supply:Geometric Method - Economics theory, EduRev gives you an ample number of questions to practice Price Elasticity of Supply:Geometric Method - Economics tests,
examples and also practice Commerce tests.
|
172 videos|18 docs|76 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
Sample Paper
,Extra Questions
,video lectures
,Free
,Previous Year Questions with Solutions
,ppt
,practice quizzes
,Objective type Questions
,Semester Notes
,Important questions
,study material
,shortcuts and tricks
,mock tests for examination
,Viva Questions
,Price Elasticity of Supply:Geometric Method - Economics Video Lecture | Economics CUET Preparation - Commerce
,Summary
,Price Elasticity of Supply:Geometric Method - Economics Video Lecture | Economics CUET Preparation - Commerce
,Price Elasticity of Supply:Geometric Method - Economics Video Lecture | Economics CUET Preparation - Commerce
,past year papers
,MCQs
,Exam
;
Study Price Elasticity of Supply:Geometric Method - Economics on the App
Students of Commerce can study Price Elasticity of Supply:Geometric Method - Economics alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Price Elasticity of Supply:Geometric Method - Economics,
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 Price Elasticity of Supply:Geometric Method - Economics is prepared as per the latest Commerce syllabus.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup