Question

A firm supplies 200 units of a good at a price of Rs 5 per unit. When

the price changes, it supplies 100 units less. Price elasticity of supply

is 2.5. Calculate the price after change.

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Answer 1

Answer:

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Answer 2

Answer:

1.Supply It refers to various quantities of a commodity that the producers wish to sell at different possible prices of the commodity at a particular point of time.

2.Quantity Supplied It refers to a specific quantity supplied at a particular price, during a time period.

3.Individual Supply Supply of a particular commodity by an individual firm at a given price in the market is termed as individual supply.

4.Market Supply Quantities of a particular commodity offered for sale by all the firms at a given price in the market is known as market supply.

5.Factors Affecting Supply

(i)Own price of a commodity (Px)

(ii)Price of related goods (Pr)

(iii) Number of firms in the industry (N f) .

(iv)Goal of the firm (G)

(v)Price of factors of production (Pf)

(vi)State of technology (T)

(vii) Business confidence or expectation (Ex)

(viii) Government policy (relating to taxation and subsidies) (Gp)

6.Supply Schedule It is a table showing a relationship between price and quantity supplied of a commodity.