Match the following: Chapter 5 - Producer's Behaviour Economics Solutions for Class 12 Commerce Economics

Match the following:
 
Group A
Group B
1) Perfectly Elastic Supply
a. Vertical supply curve
2) Stock
b. Horizontal supply curve
3) Increase in supply
c. Potential supply
4) Perfectly Inelastic supply
d. Rightward shift in supply curve
5) TCTQ
e. Leftward shift in

f. Average cost
ANSWER:

Group A
Group B
i. Perfectly Elastic Supply
b. Horizontal supply curve
ii. Stock
c. Potential supply
iii. Increase in supply
d. Rightward shift in supply curve
iv. Perfectly Inelastic supply
a. Vertical supply curve
v. TCTQ
f. Average cost

Explanations:

i. Perfectly elastic supply implies a situation where the quantity supplied is fully (or highly) responsive to the change in the price of the good. Accordingly, a very small change in the price leads to an infinite change in the quantity supplied. A perfectly elastic supply curve originates from the vertical intercept of the price-axis and remains horizontally parallel to the quantity axis.



ii. Stock is the amount of goods that are available with the seller for sale at a given point of time. A higher stock implies higher sale can be done and vice- versa. Thus, we can say that stock determines the potential supply.

iii. Increase in supply implies that a larger quantity is supplied at the same price. This increase in supply can be because of favourable changes in factors such as decrease in the factor prices, advancement in technology, favourable government policies etc. An increase in supply is represented by a parallel rightward shift of the supply curve.



iv. When the quantity supplied is totally unresponsive to the change in the price of a good, the supply of the good is said to be perfectly inelastic. In such a situation, the supply curve originates from the horizontal intercept of the quantity-axis and remains vertically parallel to the price axis representing that the supply remains fixed whatever be the price.

The figure given below shows a perfectly inelastic supply curve.



v. Average cost is defined as the per unit cost of producing output. It is derived by dividing total cost by quantity of the output produced. That is,


Average cost =  



No comments:

How to Study for CBSE Class 10 Board Exams Subject Wise Tips?

JEE Main 2020 Registration Process – Exam Pattern & Important Dates

NEET UG 2020 Registration Process Exam Pattern & Important Dates


PDF FILE TO YOUR EMAIL IMMEDIATELY PURCHASE NOTES & PAPER SOLUTION. @ Rs. 50/- each

SSC MATHS I PAPER SOLUTION

SSC MATHS II PAPER SOLUTION

SSC SCIENCE I PAPER SOLUTION

SSC SCIENCE II PAPER SOLUTION

SSC ENGLISH PAPER SOLUTION

SSC & HSC ENGLISH WRITING SKILL

HSC ACCOUNTS NOTES

HSC OCM NOTES

HSC ECONOMICS NOTES

HSC SECRETARIAL PRACTICE NOTES

2019 Board Paper Solution

HSC ENGLISH SET A 2019 21st February, 2019

HSC ENGLISH SET B 2019 21st February, 2019

HSC ENGLISH SET C 2019 21st February, 2019

HSC ENGLISH SET D 2019 21st February, 2019

SECRETARIAL PRACTICE (S.P) 2019 25th February, 2019

HSC XII PHYSICS 2019 25th February, 2019

CHEMISTRY XII HSC SOLUTION 27th, February, 2019

OCM PAPER SOLUTION 2019 27th, February, 2019

HSC MATHS PAPER SOLUTION COMMERCE, 2nd March, 2019

HSC MATHS PAPER SOLUTION SCIENCE 2nd, March, 2019

SSC ENGLISH STD 10 5TH MARCH, 2019.

HSC XII ACCOUNTS 2019 6th March, 2019

HSC XII BIOLOGY 2019 6TH March, 2019

HSC XII ECONOMICS 9Th March 2019

SSC Maths I March 2019 Solution 10th Standard11th, March, 2019

SSC MATHS II MARCH 2019 SOLUTION 10TH STD.13th March, 2019

SSC SCIENCE I MARCH 2019 SOLUTION 10TH STD. 15th March, 2019.

SSC SCIENCE II MARCH 2019 SOLUTION 10TH STD. 18th March, 2019.

SSC SOCIAL SCIENCE I MARCH 2019 SOLUTION20th March, 2019

SSC SOCIAL SCIENCE II MARCH 2019 SOLUTION, 22nd March, 2019

XII CBSE - BOARD - MARCH - 2019 ENGLISH - QP + SOLUTIONS, 2nd March, 2019


BUY FROM PLAY STORE

DOWNLOAD OUR APP


HOW TO PURCHASE OUR NOTES?



S.P. Important Questions For Board Exam 2020


O.C.M. Important Questions for Board Exam. 2020


Economics Important Questions for Board Exam 2020


Chemistry Important Question Bank for board exam 2020


Physics – Section I- Important Question Bank for Maharashtra Board HSC Examination


Physics – Section II – Science- Important Question Bank for Maharashtra Board HSC 2020 Examination


MUST REMEMBER THINGS on the day of Exam


Are you prepared? for English Grammar in Board Exam.


Paper Presentation In Board Exam


How to Score Good Marks in SSC Board Exams


Tips To Score More Than 90% Marks In 12th Board Exam


How to write English exams?


How to prepare for board exam when less time is left


How to memorise what you learn for board exam