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12th Class Economics Solved Paper - Economics 2016 Outside Delhi Set-I

  • question_answer
    When price of a commodity falls from Rs. 12 per unit to Rs. 9 per unit, the producer supplies 75 percent less output. Calculate price elasticity of supply.

    Answer:

                Percentage change in quantity supplied \[=\text{ }75%\]
                            Old price = Rs. 12
                            New price = Rs. 9
                            Change in price\[=912\]
                                                   \[=3\]
                            Percentage change in price\[=\left( 312 \right)\times 100\]
                                                                  \[=25%\]
    \[{{E}_{s}}\] = Percentage change in quantity supplied \[\div \] Percentage change in price
                                        \[=-75%\div -250%\]
                                        \[=75%\div 25%=3\]


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