Class 11 Economics Important Chapter 6 Theory of Supply

Class 11 Economics Important Chapter 6 Theory of Supply Solutions English Medium As Per AHSEC New Syllabus to each chapter is provided in the list so that you can easily browse through different chapters ASSEB Class 11 Economics Important Solutions and select need one. AHSEC Class 11 Economics Additional Notes English Medium Download PDF. HS 1st Year Economics Important Solutions in English.

Class 11 Economics Important Chapter 6 Theory of Supply

Also, you can read the NCERT book online in these sections Solutions by Expert Teachers as per Central Board of Secondary Education (CBSE) Book guidelines. Assam AHSEC Board Class 11 Economics Additional Question Answer are part of All Subject Solutions. Here we have given HS 1st Year Economics Important Notes in English for All Chapters, You can practice these here.

Theory of Supply

Chapter: 6

PART – A : MICROECONOMICS

IMPORTANT QUESTION AND ANSWER

Short Type Question and Answer:

1. What does price elasticity of supply measure?

Ans: It measures the responsiveness of quantity supplied to a change in the price of a commodity.

2. How is price elasticity of supply expressed mathematically?

Ans: Es=ΔQΔP×PQE_s = \frac{\Delta Q}{\Delta P} \times \frac{P}{Q}Es​=ΔPΔQ​×QP​

3. What does ΔQ\Delta QΔQ represent in the formula for elasticity of supply?

Ans: It represents the change in quantity supplied.

4. What does ΔP\Delta PΔP represent in the formula for elasticity of supply?

Ans: It represents the change in the price of the product.

5. When is supply said to be elastic?

Ans: When the percentage change in quantity supplied is greater than the percentage change in price.

6. When is supply said to be inelastic?

Ans: When the percentage change in quantity supplied is less than the percentage change in price.

7. What is the value of elasticity of supply for perfectly inelastic supply?

Ans: Es=0E_s = 0Es​=0

8. What shape does the supply curve take in perfectly inelastic supply?

Ans: A vertical straight line parallel to the Y-axis.

9. What is the value of elasticity of supply for perfectly elastic supply?

Ans: Es=∞E_s = \inftyEs​=∞ (infinity).

10. In perfectly elastic supply, what shape does the supply curve have?

Ans: A horizontal straight line parallel to the X-axis.

11. What is unit elastic supply?

Ans: It is when the percentage change in quantity supplied equals the percentage change in price.

12. In unit elastic supply, where does the supply curve pass through?

Ans: It passes through the origin of the graph.

13. What is the elasticity value when supply is less elastic?

Ans: Es<1E_s < 1Es​<1.

14. What is the elasticity value when supply is highly elastic?

Ans: Es>1E_s > 1Es​>1.

15. How can we identify a less elastic supply curve on a graph?

Ans: It is a positively sloped straight line supply curve that meets the X-axis to the right of the origin when extended.