The measurement of the elasticity of supply is expressed as:
  • \(\frac { ΔQ_s/Q_s }{ ΔP/P }\)
  • \(\frac { Q_s }{ ΔP }\). \(\frac { 1 }{ P }\)
  • \(\frac { Q_s }{ Q_s }\). ΔY
  • \(\frac { ΔP }{ Q_s }\). \(\frac { P }{ ΔQ_s }\)
There are factors of productions:
  • Two
  • Three
  • Four
  • Five
Fixed cost is also known as:
  • Variable cost
  • Actual cost
  • Supplementary cost
  • Short-term cost
Supply falls on the same price when:
  • Where there is decrease in supply
  • When there is contraction in supply
  • When supply increases
  • When there is expansion in supply.
Active factor of production:
  • Capital
  • Labour
  • Land
  • None of these.
In the short-run following factors are included in the process of production:
  • Fixed factors
  • Variable factors
  • Both (a) and (b)
  • None of these.

Production function is expressed as:

  • Q

  • P

  • R

  • None of these

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