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प्रश्न
As a result of 5% fall in the price of a good, its demand rises by 12%, the demand for the good will said be ______.
विकल्प
relatively less elastic demand
relatively more elastic demand
Perfectly inelastic demand
Perfectly elastic demand
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उत्तर
As a result of 5% fall in the price of a good, its demand rises by 12%, the demand for the good will said be relatively more elastic demand.
Explanation:
Since the demand increases by a larger percentage (12%) in response to a smaller percentage decrease in price (5%), the demand is considered relatively more elastic. This indicates that consumers are highly responsive to price changes for this good.
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संबंधित प्रश्न
Demand for the commodity having multiple uses has elastic demand.
A consumer buys 27 units of a good at a price of Rs 10 per unit. When the price falls to Rs 9 per unit, the demand rises to 30 units. What can you say about price elasticity of demand of the good through the 'expenditure approach'?
Price elasticity of demand of a good is (-) 1. Calculate the percentage change in price that will raise the demand from 20 units to 30 units.
Define the following concept:
Cross Elasticity of Demand
Give reason or explain the following statement:
Demand for commodity having multiple uses has elastic demand.
Arrange the following coefficients of price elasticity of demand in ascending order:
(−) 3.1, (−) 0.2, (−) 1.1
Give economic term:
Elasticity resulting from infinite change in quantity demanded.
If quantity supplied increases by 60% due to a 50% increase in price, then elasticity of supply is ______
When is the demand for a good said to be elastic?
What is unit elasticity of demand?
