Supply of agricultural produce depends upon
Natural Causes
Taxation Policy
Technological Development
Price of other goods
Supply curve presents
Price of the commodity
Supply of the commodity
Relationship between price and supply of the commodity
Demand of the commodity
The supply in the long period is
Inelastic
Elastic
Perfectly Inelastic
Perfectly Elastic
If 10% increase in the price of scooters increases supply of scooter by 20% the supply of scooters will be
Elastic (more than unit)
When supply curve is horizontal Es =
Zero
3
∞
Es > 1
If value of Es > 1, it is called
Inelastic Supply
Elastic Supply
Perfectly elastic supply
Perfectly inelastic supply
Elasticity of supply is given by the formula
ΔP/ΔQ . Q/P
ΔQ/ΔP . P/Q
ΔQ/ΔP . Q/P
ΔQ/ΔP
Change in supply due to increase in price is termed ________ supply.
Contraction of
Extension of
Increase in
