Q10 of 38 Page 1

Explain the distinction between ‘change in supply’ and ‘change in quantity supplied’.

The main points of difference between change in supply and change in quantity supplied are being discussed below –


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10

Explain the geometric method of measuring price elasticity of supply. Use diagram.

 10

For blind candidates in lieu of, Q. No. 10

State different phases of the law of variable proportions with the help of a schedule.

 11

Explain the ‘Free entry and exit of firms’ feature of monopolistic competition.

 12

When price of a commodity X falls by 10%, its demand rises from 150 units to 180 units. Calculate its price elasticity of demand. How much should be the percentage fall in its price so that its demand rises from 150 to 210 units?