Supply and Its Determinants
Economics ⇒ Markets and Price Determination
Supply and Its Determinants starts at 11 and continues till grade 12.
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See sample questions for grade 12
Define supply in economics.
Explain the concept of joint supply with an example.
Explain the effect of an increase in the number of sellers on the market supply.
Explain the effect of expected future prices on current supply.
Explain the effect of natural calamities on the supply of goods.
Explain the effect of technological advancement on the supply of a commodity.
Explain the effect of time period on the elasticity of supply.
If the government gives a subsidy on the production of a good, what will happen to its supply?
If the government imposes a tax on the production of a good, what will happen to its supply?
If the price of a good falls from Rs. 20 to Rs. 15 and the quantity supplied falls from 200 units to 150 units, calculate the price elasticity of supply.
List any three determinants of supply other than the price of the good itself.
State the law of supply.
Suppose the government announces a minimum support price (MSP) for wheat above the equilibrium price. What is likely to happen to the supply of wheat?
Suppose the price of wheat increases. What is likely to happen to the supply of wheat, assuming other factors remain constant?
Suppose the supply schedule for a good is as follows: At Rs. 10, quantity supplied is 100 units; at Rs. 15, quantity supplied is 150 units. Calculate the price elasticity of supply between these two points.
What is meant by 'change in quantity supplied'?
What is meant by market supply?
What is meant by price elasticity of supply?
What is meant by the term 'reservation price' in the context of supply?
What is the difference between 'change in supply' and 'change in quantity supplied'?
