Question

What is price elasticity of supply, when :

a.) Supply cure passes through the origin

b.) Supply curve is vertical straight line.

c.) Supply curve is horizontal straight line.

Answer 1

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$\textsf{\pink{Q.}}$ What is price elasticity of supply, when :

a.) Supply cure passes through the origin

b.) Supply curve is vertical straight line.

c.) Supply curve is horizontal straight line.

$\textsf{\pink{Ans.}}$ The price elasticity of supply in the following cases will be :

i.) unitary elastic supply
ii.) perfectly inelastic supply
iii.) perfectly elastic supply

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Answer 2

When percentage change in quantity supplied is equal to the percentage change in price such that the price elasticity of asupply is equal to one, then supply for such a commodity is said to be unitary elastic. As mentioned, in such a case Es= 1. Further, thesupply curve is a straight line passing through the origin.