Maharashtra Board Class 12 Economics Chapter 3B Elasticity of Demand Solutions

Economics Class 12 Chapter 3B Question Answer Maharashtra Board

 

1. Complete The Following Statements:

 

Question 1. When the supply curve is upward sloping, its slope is ............................
(a) positive
(b) negative
(c) first positive then negative
(d) zero
Answer: (a) positive
In simple words: An upward-sloping supply curve means that as the price of a good increases, the quantity supplied by producers also increases. This direct relationship indicates a positive slope.

🎯 Exam Tip: Understanding the graphical representation of supply curves and their slopes is crucial for analyzing market behavior.

 

Question 2. An upward movement along the same supply curve shows ............................
(a) contraction of supply
(b) decrease in supply
(c) expansion of supply
(d) increase in supply
Answer: (c) expansion of supply
In simple words: An upward movement along an existing supply curve signifies that with an increase in price, the quantity supplied of a commodity increases, leading to an expansion of supply.

🎯 Exam Tip: Differentiate between 'movement along a curve' (variation in supply) and 'shift of a curve' (changes in supply) for accurate economic analysis.

 

Question 3. A rightward shift in supply curve shows ............................
(a) contraction of supply
(b) decrease in supply
(c) expansion of supply
(d) increase in supply
Answer: (d) increase in supply
In simple words: A rightward shift in the supply curve indicates that producers are willing and able to supply more of a good at every given price, representing an overall increase in supply.

🎯 Exam Tip: Recognize that factors other than price cause shifts in the supply curve, such as technology, input costs, and government policies.

 

Question 4. Other factors remaining constant, when less quantity is supplied only due to a fall in price, it shows ............................
(a) contraction of supply
(b) decrease in supply
(c) expansion of supply
(d) increase in supply
Answer: (a) contraction of supply
In simple words: When less of a good is supplied solely because its price has fallen, with all other influences unchanged, this is known as a contraction of supply, a movement along the supply curve.

🎯 Exam Tip: Understand that contraction of supply is a direct response to a price drop, reflecting the law of supply in action.

 

Question 5. Net addition made to the total revenue by selling an extra unit of a commodity is ............................
(a) total Revenue
(b) marginal Revenue
(c) average Revenue
(d) marginal Cost
Answer: (b) marginal Revenue
In simple words: Marginal revenue is the additional income a company gains from selling one more unit of a product, reflecting the change in total revenue for each extra unit sold.

🎯 Exam Tip: Accurately calculating marginal revenue is vital for businesses to make informed decisions about production levels and pricing strategies.

 

2. Complete The Correlation:

 

1) Expansion of supply: Price rises:: Contraction of supply:
2) Total revenue: :: Average revenue :TR/TQ
3) Total cost : TFC + TVC :: Average cost :
4) Demand curve : :: Supply curve : Upward
5) : Change in supply :: Other factors constant: Variation of supply
Answers:
(1) Price falls
(2) PxQ
(3) TC ÷ TQ
(4) Downward
(5) Other factor changes
In simple words: This section tests your understanding of economic relationships, matching concepts like supply expansion with price changes, revenue calculations, cost definitions, curve orientations, and supply variations based on influencing factors.

🎯 Exam Tip: Mastering economic correlations helps in quickly identifying relationships between key variables, which is fundamental for solving analytical problems.

 

3. Give Economic Terms:

 

1) Cost incurred on fixed factor.
2) Cost incurred per unit of output.
3) Net addition made to total cost of production.
4) Revenue per unit of output sold.
Answers:
(1) Fixed Cost
(2) Average Cost
(3) Marginal Cost
(4) Average Revenue
In simple words: This exercise requires you to identify specific economic terms that define various types of costs and revenues associated with production and sales activities.

🎯 Exam Tip: A precise knowledge of economic terminology is essential for clearly articulating economic concepts and understanding examination questions.

 

4. Distinguish Between:

 

Question 1. Stock and Supply.
Answer:

Stock	Supply
(a) Stock refers to the total quantity of commodity available with producer for sale.	(a) Supply is that part of stock which the seller is willing to offer for sale at a given price.
(b) It is outcome of production. If production increases, stock will also increase.	(b) It is outcome of stock. Stock is the basis of supply.
(c) It is a fund or reservoir and a static concept (inelastic).	(c) It is a flow concept. It changes according to change in price (elastic).
(d) It can exceed supply.	(d) It cannot exceed stock.

In simple words: Stock is the total amount of a good available at a point in time, while supply is the specific quantity sellers are willing to offer for sale at a given price.

🎯 Exam Tip: Clearly distinguishing between stock (potential supply) and supply (actual offering) is fundamental for understanding market dynamics and supply-side economics.

 

Question 2. Expansion of Supply and Increase in Supply.
Answer:
Expansion / Extension of Supply
1. When the supply of a commodity rises only due to the rise in the price of the commodity, then it is said to be extension in supply.
2. Extension of supply is a case of variation in supply.
3. Rise in price is the only factor due to which supply expands / extends.
4. When there is extension in supply, there is an upward movement on the same supply curve.
ℹ️ चित्र व्याख्या (Diagram Explanation): यह आरेख एक ऊपर की ओर ढाल वाले आपूर्ति वक्र 'S' को दर्शाता है। बिंदु 'A' पर कीमत 'P' है और मात्रा 'Q' है। जब कीमत 'P' से बढ़कर 'P₁' हो जाती है, तो आपूर्ति की गई मात्रा 'Q' से बढ़कर 'Q₁' हो जाती है, जिसे आपूर्ति वक्र पर ऊपर की ओर 'A' से 'B' तक की गति के रूप में दिखाया गया है। यह आपूर्ति के विस्तार या फैलाव को दर्शाता है।

Increase in Supply :
1. The supply is said to increase if at the same price more is supplied.
2. Increase in supply is a case of changes in supply.
3. Supply increases due to
(1) fall in cost of production
(2) improvement in transport facility
(3) introduction of modern technology
(4) government subsidies
(5) more imports etc.
4. When there is an increase in supply, the supply curve shifts to the right of original supply curve.
ℹ️ चित्र व्याख्या (Diagram Explanation): यह आरेख आपूर्ति वक्र में एक दाईं ओर बदलाव को दर्शाता है। मूल आपूर्ति वक्र 'S' है। जब आपूर्ति बढ़ती है (अन्य कारकों के कारण, कीमत स्थिर रहती है), तो आपूर्ति वक्र 'S' से 'S₁' तक दाईं ओर खिसक जाता है। यह इंगित करता है कि उसी कीमत 'P' पर, अब अधिक मात्रा 'Q₁' की आपूर्ति की जाती है, जो आपूर्ति में वृद्धि को दर्शाता है।
In simple words: Expansion of supply refers to an increase in quantity supplied due to a rise in price (movement along the curve), whereas increase in supply means more is supplied at the same price due to other factors (shift of the curve).

🎯 Exam Tip: Illustrating the difference with diagrams and clearly explaining the underlying causes for movement versus shift is crucial for scoring well in such distinction questions.

 

Question 3. Contraction of Supply and Decrease in Supply.
Answer:
Contraction of Supply
1. Contraction of supply occurs when quantity supplied of a commodity falls due to a fall in price alone.
2. It is a case of variation in supply.
3. Supply contracts due to fall in price alone.
4. When there is a downward n curve.
ℹ️ चित्र व्याख्या (Diagram Explanation): यह आरेख एक नीचे की ओर ढाल वाले आपूर्ति वक्र 'S' को दर्शाता है। बिंदु 'a' पर कीमत 'P' है और मात्रा 'Q' है। जब कीमत 'P' से घटकर 'P₁' हो जाती है, तो आपूर्ति की गई मात्रा 'Q' से घटकर 'Q₁' हो जाती है, जिसे आपूर्ति वक्र पर नीचे की ओर 'a' से 'b' तक की गति के रूप में दिखाया गया है। यह आपूर्ति के संकुचन को दर्शाता है।

Decrease in Supply
1. Decrease in supply occurs when less quantity is supplied at the same price.
2. It is a case of changes in supply.
3. Supply decreases due to
(1) increase in cost of production
(2) transport strike
(3) outdated technique
(4) heavy taxes imposed by government.
(5) more exports etc.
4. When there is curve shifts to curve.
ℹ️ चित्र व्याख्या (Diagram Explanation): यह आरेख आपूर्ति वक्र में एक बाईं ओर बदलाव को दर्शाता है। मूल आपूर्ति वक्र 'S' है। जब आपूर्ति घटती है (अन्य कारकों के कारण, कीमत स्थिर रहती है), तो आपूर्ति वक्र 'S' से 'S₁' तक बाईं ओर खिसक जाता है। यह इंगित करता है कि उसी कीमत 'P' पर, अब कम मात्रा 'Q₁' की आपूर्ति की जाती है, जो आपूर्ति में कमी को दर्शाता है।
In simple words: Contraction of supply occurs when quantity supplied falls due to a price decrease (movement along the curve), while a decrease in supply signifies less is supplied at the same price due to non-price factors (shift of the curve).

🎯 Exam Tip: Visualizing contraction and decrease in supply through graphs helps solidify the understanding of price-induced changes versus other influencing factors.

 

Question 4. Average Revenue and Average Cost.
Answer:

Average Revenue (AR)	Average Cost (AC)
(a) Average revenue refers to average income earned per unit of a sold commodity.	(a) Average cost refers per unit of cost of production of a commodity produced.
(b) It is calculated by dividing total revenue (TR) earned by number of unit sold.	(b) It is calculated by dividing total cost (TC)by number of units of that commodity produced.
(c) Symbolically it in expressed as \( \frac{\text{Total Revenue}}{\text{Total Quantity sold}} \)	(c) Symbolically it is expressed as \( \frac{\text{Total Cost}}{\text{Total Quantity produced}} \)
E.g. If TR from sale of 10 units of a commodity is Rs. 1000 then, AP = 1000/10 = Rs. 100	E.g. If TC of 100 units a commodity is Rs. 1000 then, AC = \( \frac{1000}{100} \) = Rs. 10

In simple words: Average Revenue (AR) is the income generated per unit sold, calculated by dividing total revenue by the quantity sold, while Average Cost (AC) is the cost incurred per unit produced, found by dividing total cost by the quantity produced.

🎯 Exam Tip: Understanding AR and AC is crucial for analyzing a firm's profitability and efficiency, as they indicate the per-unit performance of sales and production respectively.

 

5. Observe The Following Table And Answer The Questions:

 

Question 1. Complete the above supply schedule.
A) Supply schedule of chocolates

Price in Rs.	Quantity supplied in units
10	200
15	250
20	300
25	350
30	400
35	450
40	500

Answer:
In simple words: This completed supply schedule shows the direct relationship between the price of chocolates and the quantity suppliers are willing to offer, demonstrating that as price increases, so does the quantity supplied.

🎯 Exam Tip: Ensure that the values in a supply schedule consistently reflect the law of supply, where higher prices correspond to higher quantities supplied.

 

Question 2. Draw a diagram for the above supply schedule.
Answer:
ℹ️ चित्र व्याख्या (Diagram Explanation): यह आरेख चॉकलेट की आपूर्ति अनुसूची को दर्शाता है। Y-अक्ष पर कीमत (Rs.) और X-अक्ष पर आपूर्ति की गई मात्रा (चॉकलेट) है। विभिन्न मूल्य बिंदुओं पर आपूर्ति की गई मात्रा को प्लॉट करने पर, एक ऊपर की ओर ढाल वाला आपूर्ति वक्र 'SS' प्राप्त होता है, जो कीमत और आपूर्ति की गई मात्रा के बीच सीधा संबंध दर्शाता है।
In simple words: This diagram visually represents the supply schedule, illustrating how a supply curve typically slopes upwards from left to right, indicating that higher prices incentivize producers to supply more units.

🎯 Exam Tip: When drawing supply curves, label both axes (Price and Quantity Supplied) and the curve itself ('S') accurately, ensuring it slopes upwards to show the direct relationship.

 

Question 3. State the relationship between price and quantity supplied.
Answer: This diagram shows the direct relationship - between price and quantity supplied of) chocolates. When its price is Rs. 10, 200 units (are supplied and as price rises to 15, 20, 25 - and so on, quantity supplied also rises to ) When the schedule is plotted on the graph we 250, 300, 350 and so on. This is the law of supply of an individual firm.
In simple words: The relationship between price and quantity supplied is direct: as the price of a commodity increases, producers are willing to supply more of it, and conversely, as the price falls, they supply less, assuming other factors remain constant.

🎯 Exam Tip: Clearly articulate the direct relationship between price and quantity supplied as the core principle of the law of supply, noting the 'ceteris paribus' (other things being equal) assumption.

 

B) Observe the market supply schedule of potatoes and answer the following questions.

 

Question 1. Complete the quantity of potato supplied by the firms to the market in the above table.
Answer:

Price in Rs.	Firms			Market supply in kg
	A	B	C
1	35	20	45	100
2	37	30	45	112
3	40	60	55	155
4	44	50	60	154

In simple words: This completed table shows the individual quantities of potatoes supplied by firms A, B, and C at various prices, and their summation to form the total market supply at each price level.

🎯 Exam Tip: To complete market supply tables, accurately sum the individual supplies from all firms at each corresponding price point.

 

Question 2. Draw the market supply curve from the schedule and explain it.
Answer:
ℹ️ चित्र व्याख्या (Diagram Explanation): यह आरेख आलू के बाजार आपूर्ति वक्र 'SS' को दर्शाता है। Y-अक्ष पर कीमत (Rs.) और X-अक्ष पर आपूर्ति की गई मात्रा (किलोग्राम में) है। यह वक्र सामान्यतः ऊपर की ओर ढाल वाला है, जो कीमत वृद्धि के साथ आपूर्ति में वृद्धि को दर्शाता है। हालांकि, वक्र का अंतिम खंड थोड़ा पीछे की ओर मुड़ता हुआ प्रतीत होता है, जो कुछ विशेष परिस्थितियों में आपूर्ति के अपवाद को दर्शाता है।
When the schedule is plotted on the graph we get a market supply curve 'SS' which is upward sloping. This curve shows that as price rises from Rs. 1 to Rs. 2, supply rises from 100 to 112 kg, but when price rises from Rs. 2 to Rs. 3, supply rises to a greater extent from 112 kg to 155 kg in the market. When price rises to Rs. 4 Supply falls from 155 kg to 154 kg. This may be because of perishable or seasonal good that supply could not Jj be increased and supply falls. This show backward bending supply curve, showing partly an exception to the supply curve.
In simple words: The market supply curve graphically represents the combined quantities suppliers offer at different prices, generally showing an upward slope, although some goods, like perishable items, might exhibit a backward-bending curve under specific conditions.

🎯 Exam Tip: When drawing and explaining supply curves, highlight the general upward slope and any specific exceptions, such as backward-bending curves, clearly articulating their causes."

 

6. Answer The Following Questions:

 

Question 1. Explain the concept of total cost and total revenue.
Answer: Total Cost (TC): It is the total expenditure incurred by a firm on the factors of production required for the production of goods and services. Total cost is the sum of Total Fixed Cost (TFC) and Total Variable Cost (TVC). Total Fixed Cost is the cost incurred on fixed factors of production like land, factory, building, capital, etc. These factors cannot be changed in the short period. They remain constant. Total Variable Cost is the cost incurred on variable factors such as raw - materials, labour, etc. These factors can be varied or changed according to the change in output level. So the variable cost varies. Total Cost = Total Fixed Cost + Total Variable Cost
i.e., TC = TFC + TVC
TC increases as the level of output increases.

Total Revenue :
(Income) refers to total receipts of the firm from its sales of commodity. It is obtained by multiplying the price per unit of the - commodity with the total number of units!; of commodity sold to the consumers. Thus, Total Revenue = Price per unit Total Number of units of commodity sold.
Example: If the firm sells lo units of a commodity at Rs. 100 per unit then total revenuewifibe TR = 100 x 10. TR= Rs. 1000
In simple words: Total Cost is the complete expenditure a firm incurs to produce goods, comprising both fixed and variable costs, while Total Revenue is the total income earned from selling goods, calculated by multiplying price per unit by the quantity sold.

🎯 Exam Tip: When explaining total cost and total revenue, clearly define their components and demonstrate how they are calculated, as this shows a comprehensive understanding of business finances.

 

Question 2. Explain determinants of supply.
Answer:
1. Cost of Production : Changes in the price of factors of production like rent, wages, interest affects the cost of production. When cost of production increases, supply decreases.
2. Price of Other Goods : The supply of a given commodity depends on the price of other commodity. E.g. if the price of wheat rises and that of rice remains the constant, then the producer will think of producing J more of wheat. This will affect the supply of rice.
3. price of the Commodity : Price is an important factor influencing the supply. More is supplied at a higher price and less at a lower price. So price and supply are 5 directly related.
4. Climatic Conditions : The supply of j commodity is also influenced by the forces
5. Government Policy : Government policies like taxation, subsidies, industrial policies etc., may encourage or discourage production and supply. A tax on the commodity will raise the cost of production and reduce the supply while a subsidy on the other hand will provide an incentive to increase production and supply.
6. Exports and Imports : When the government resort to imports, supply expands, at the same time heavy exports would reduce the supply in the domestic market.
7. Nature of Market : In a competitive market, the supply would be more but in a monopoly market the seller may create artificial scarcity to raise the price.
8. Future Expectation : If future trends indicate a rise in price, the supply decreases at present. On the other hand if the sellers expect the future price to fall, supply would increase in the current period.
9. Technique of Production : Improvement in the technique of production will lead to increase in supply. Application of advanced technology enables the producer to produce goods on large scale at a lower cost and lesser price.
10. Infrastructure Facility : If means of transport and communication are well developed, the extent of market would be wide. i.e. supply will increase.
11. Natural and Man-made Calamities : Natural calamities like earthquake, cyclone, flood etc., will affect the supply in the market. Even man-made calamities like a bomb-blast, affects supply. Even a strike call can affect supply in the market.
In simple words: Determinants of supply are non-price factors like production costs, technology, government policies, and natural events that cause the entire supply curve to shift, impacting the quantity producers offer at any given price.

🎯 Exam Tip: Memorizing and explaining a diverse set of determinants of supply demonstrates a thorough understanding of external factors influencing market dynamics.

 

7. Answer In Detail:

 

Question 1. State and explain law of supply with exceptions.
Answer:
Law of Supply :
(A) Introduction : The law of supply was introduced by Dr. Alfred Marshall in his book "Principles of Economics" published in 1890. The law establishes a functional relationship between the price of a commodity and quantity supplied of that commodity. It explains the general tendency of the sellers in offering more goods for sale at a higher price than at a lower price.

(B) Statement of the Law : According to Prof. Alfred Marshall "Other things remaining constant, the higher the price of the commodity, greater is the quantity supplied and lower the price of the commodity, smaller is the quantity supplied."In other words, quantity supplied of a commodity varies directly with price i.e., with a fall in price supply contract and with a rise in price supply expands.
S = f (P) [S = Supply, P = Price, f = Function of]
The law can be better understood with the help of a market supply schedule and market supply curve.

(C) Market Supply Schedule : Market supply schedule is a tabular representation of various quantities of a commodity offered for sale by all the sellers in the market at different prices during a given period of time. The schedule is a hypothetical one except one price rest are imaginary prices.

The above schedule clearly shows that sellers in general want to sell more at high prices and less at low price. E.g., at a low price of Rs. 10 per unit the seller supplies only 100 units per day and at high price of Rs. 50 the supply rises to 500 units of 'X' per day.

(D) Market Supply Curve : It is graphical representation of the above market supply schedule. Price is measured on 'Y' axis and quantity supplied on 'X' axis and above schedule is plotted. We derive a supply curve SS.

Market Supply Schedule

Price of 'X' per unit (in Rs.)	Total Market Supply per day (in units)
10	100
20	200
30	300
40	400
50	500

There are some exceptions to the law of s supply. Following are such cases when supply may fall with the rises in price or rise with the fall in price.

(1) Labour supply : Supply of labour in the ) terms of hours of work is an important exception pointed out by economists. Generally when wages rise, workers work more, but after a certain point if wages continue to rise, supply of labour falls i.e. workers wish to earn more by work in for less hours and supply curve of labour would bend backwards as shown below :
ℹ️ चित्र व्याख्या (Diagram Explanation): यह आरेख श्रम आपूर्ति वक्र को दर्शाता है। Y-अक्ष पर मजदूरी दर और X-अक्ष पर श्रम आपूर्ति है। वक्र शुरू में ऊपर की ओर ढाल वाला होता है (Wage rate 0W तक बढ़ती है और Labour supply ON तक बढ़ती है), जो बढ़ती मजदूरी के साथ श्रम आपूर्ति में वृद्धि दर्शाता है। हालांकि, एक निश्चित बिंदु (W.) के बाद, वक्र पीछे की ओर मुड़ जाता है (Labour supply ONr तक गिर जाती है), यह दर्शाता है कि बहुत अधिक मजदूरी दरों पर, श्रमिक कम घंटे काम करना पसंद करते हैं।

(2) Saving: In case of savings generally it is observed that as the rate of interest rises, savings also rises but some people want to have a fixed regular income by way ay of interest. They may save less at a higher rate of interest and save more at a lower rate of interest. For example : suppose a person is interested in earning a fixed income of Rs. 800 p.a. then he saves Rs. 10,000/- at 8% rate of interest but when rate of interest increases to 10%, he will save only 8,000/-.

(3) Future Expectations: If the seller expects a fall in price in future, then he will supply more today even at a low price. But if he expects the prices to rise further in future he will withhold the supply today to supply more in future at a high price.

(4) Need for Cash : When the sellers are in urgent need of liquid cash, then even at a lower price they will offer more goods for sale.

(5) Rare Goods : In case of rare collections such as rare painting, old coins, antique, the law is not applicable as the supply remains fixed. The supply curve is a vertical straight line parallel to Y axis.

(6) Agricultural Goods: Supply of agricultural product is influenced by natural factors like climatic conditions, rainfall etc., which cannot be controlled by man. So in bad weather condition, even at a higher price the supply of agricultural commodities will not increase.
In simple words: The law of supply states that as price increases, quantity supplied also increases (direct relationship), but several exceptions exist, such as labor supply at very high wages, savings, and the supply of rare or agricultural goods, where this direct relationship may not hold true.

🎯 Exam Tip: A comprehensive answer on the law of supply requires not only stating the law and using a schedule/curve but also elaborating on its key exceptions with clear examples.

 

Intext Questions

 

Question 1. "Concept of supply is a micro concept but concept of aggregate supply is a macro concept". Explain.
Answer: Micro economics studies about economic behavior of units like households, firm market and particular commodities. Whereas macro economics deals with the broad economic concepts like total demand, total supply, national income, etc. Supply refers to supply of an individual seller and aggregate supply refers to total supply of a commodity. Hence, supply is a microscopic concept and aggregate supply is macro concept.
In simple words: Supply, from a microeconomic perspective, refers to an individual firm's offering, while aggregate supply, a macroeconomic concept, represents the total output available from all firms in an economy.

🎯 Exam Tip: Clearly differentiate between microeconomic and macroeconomic scopes when discussing concepts like supply and aggregate supply to demonstrate a nuanced understanding.

 

Question 2. What do you mean by aggregate supply?
Answer: Aggregate supply refers to the minimum amount of sales proceeds which the entrepreneurs expect to receive from the sale of output at a given level of employment.
In simple words: Aggregate supply is the total quantity of goods and services that all firms in an economy are willing and able to produce and sell at a given price level.

🎯 Exam Tip: When defining aggregate supply, emphasize its role in determining the economy's overall output and employment levels.

 

Question. If a firm produces 600 units of a commodity in a day and incurs a total cost of Rs. 30,000. Calculate the Average Cost.
Answer: Average cost refers to the cost of production per unit cost of a commodity. It is calculated by dividing total cost by total quantity of a commodity. Hence,
AC = \( \frac{\text{TC}}{\text{TQ}} \)
\( \implies \) AC = \( \frac{30,000}{600} \)
\( \implies \) AC = Rs. 50 per unit
In simple words: Average cost is calculated by dividing the total production cost by the total number of units produced, giving the cost per unit.

🎯 Exam Tip: Always show the formula used for calculations and present each step clearly to earn full marks, ensuring units are correctly stated in the final answer.

 

Question. If a firm sells 400 units of a commodity at Rs. 10 unit. Calculate the TR and AR.
Answer: TR = Price X Quantity
\( \implies \) = 10 x 400
\( \implies \) = 4,000
AR = \( \frac{\text{TR}}{\text{TQ}} \)
\( \implies \) AR = \( \frac{4,000}{400} \)
\( \implies \) AR = Rs. 10
In simple words: Total Revenue is the total income from sales, calculated by multiplying price by quantity, while Average Revenue is the revenue per unit, found by dividing total revenue by the quantity sold.

🎯 Exam Tip: Distinguish between Total Revenue (TR) and Average Revenue (AR) by understanding their respective formulas and applications in calculating a firm's earnings.

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