Supply of agricultural produce depends upon
Natural Causes
Taxation Policy
Technological Development
Price of other goods
Elasticity of supply is given by the formula
ΔP/ΔQ . Q/P
ΔQ/ΔP . P/Q
ΔQ/ΔP . Q/P
ΔQ/ΔP
Supply means
Quantity of goods produced
Stocks of goods produced
Quantity of goods available for sale
Total of produced and imported goods
Seller is generally not willing to sell commodities below:
Marginal Price
Average Price
Reserve Price
Neither of the above
Change in supply due to increase in price is termed ________ supply.
Contraction of
Extension of
Increase in
If 10% increase in the price of scooters increases supply of scooter by 20% the supply of scooters will be
Perfectly Elastic
Elastic (more than unit)
Inelastic
Perfectly Inelastic
Slope of supply curve is given by the formula
ΔP/ΔQ
P/Q
Q/P
When price of substitutes and costs of production rises, it leads to :
Contraction in supply
Decrease in supply
Expansion in supply
Increase in supply
Supply curve presents
Price of the commodity
Supply of the commodity
Relationship between price and supply of the commodity
Demand of the commodity
