Increase in supply due to causes other than change in price is termed as ________ supply.
Decrease in
Increase in
Extension of
Contraction of
If value of Es > 1, it is called
Inelastic Supply
Elastic Supply
Perfectly elastic supply
Perfectly inelastic supply
Slope of supply curve is given by the formula
ΔQ/ΔP
ΔP/ΔQ
P/Q
Q/P
Supply of agricultural produce depends upon
Natural Causes
Taxation Policy
Technological Development
Price of other goods
If price of substitute goods fall, then it will lead to
Decrease in supply
Increase in supply
No change in supply
Constant
When supply curve is horizontal Es =
Zero
3
∞
Es > 1
When price of substitutes and costs of production rises, it leads to :
Contraction in supply
Expansion in supply
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
