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Syllabus

Supply And Elasticity Of Supply — Syllabus

ICSE · Class 12 · Economics

What Supply And Elasticity Of Supply covers in ICSE Class 12 Economics: 4 topics, for the 2026-27 session. Part of the ICSE Class 12 Economics syllabus.

42 questions36 flashcards2 formulas & key relations5 concepts

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A labeled diagram showing how technological progress shifts a firm's marginal cost and supply curves to the right, indicating an increase in supply at any given price.
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4 Topics · ICSE Class 12 Economics · 2026-27

Topics in Supply And Elasticity Of Supply

1

Meaning of Supply, Quantity Supplied, and Stock

  • Supply means the whole schedule of quantities offered for sale at various prices.
  • Quantity supplied means the specific quantity offered for sale at one particular price.
  • Supply has three essential features: desired quantity, related to price, and flow variable.
2

Individual Supply, Market Supply, and Supply Schedules

  • Individual supply refers to the quantity of a commodity which a single firm is willing to produce and offer for sale at a particular price during a specified period.
  • Market supply is the sum total of supply of a commodity made by individual firms.
  • A supply schedule is a tabular statement showing various quantities supplied at different possible prices during a given time period.
3

Supply Curve and Reserve Price

  • A supply curve shows various quantities a producer is willing to sell at different prices during a given period, assuming other factors remain unchanged.
  • Price is measured on the vertical axis and quantity supplied on the horizontal axis.
  • The supply curve slopes upward from left to right, showing a direct relationship between price and quantity supplied.
4

Law of Supply and Its Exceptions

  • The Law of Supply states that other things remaining the same, higher the price, larger is the quantity supplied, and lower the price, smaller is the quantity supplied.
  • Watson stated: Other things being equal, the supply of a commodity increases with a rise in its price and decreases with a fall in its price.
  • The law of supply is qualitative, not proportional, and one-sided.

Key Concepts

Central concept: Supply and Elasticity of Supply

Meaning of SupplySupply and Quantity SuppliedSupply and StockIndividual SupplyMarket SupplySupply FunctionSupply ScheduleSupply Curve

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Frequently Asked Questions

What are the important topics in Supply And Elasticity Of Supply for ICSE Class 12 Economics?
Key topics in Supply And Elasticity Of Supply include Meaning of Supply, Quantity Supplied, and Stock, Individual Supply, Market Supply, and Supply Schedules, Supply Curve and Reserve Price, Law of Supply and Its Exceptions. Study these first, then practise questions on each for the ICSE Class 12 board exam.
How should I revise Supply And Elasticity Of Supply for the ICSE Class 12 board exam?
Learn the core ideas first, then work through the 42 practice questions on Supply And Elasticity Of Supply. Revise definitions regularly and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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