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Responsiveness of producers to changes in the price of their goods or services. As a general rule, if prices rise so does the supply. Elasticity of supply is measured as the ratio of proportionate change in the quantity supplied to Get Complete Answers on www.smuhelp.com Q2. What is Perfect Competition and also mention the features of Perfect Competition? Perfect competition is a comprehensive term which includes pure competition too. Before we discuss the details of perfect competition, it is necessary to have a clear idea regarding the Get Complete Answers on www.smuhelp.com Q3. A cost-schedule is a statement of variations in costs resulting from variations in the levels of Output and it shows the response of costs to changes in output. If we represent the relationship between changes in the level of output and costs of production, we get different Types of cost curves in the short run. Define the kinds of cost concepts like TFC, TVC, TC, AFC, AVC, AC and MC and its corresponding curves with suitable diagrams for each.

Q1. Give the meaning of the word Statistics. Mention the characteristics of Statistics. Meaning of Statistics: The word statistics refers to "numerical facts systematically arranged". In this sense, the word statistics is always used in the plural. We have,