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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
Price elasticity of demand of goods X is -2 and goods Y is -3. Which of the two goods is more price elastic and why?
A consumer buys 30 units of a good at a price of the Rs10per unit. The price elasticity of demand for the good is (-) 1. How many units will the consumer buy at a price of Rs 9 per unit? Calculate.
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'?
Fill in the blank with appropriate alternatives given below:
Cross elasticity of demand is applicable to ____________ goods.
Define or explain the following concept:
Income Elasticity of Demand
Give reason or explain the following statement:
Demand for commodity having multiple uses has elastic demand.
Write short answer for the following question :
Total outlay method of measuring price elasticity of demand.
Assertion (A): Elasticity of demand explains that one variable is influenced by another variable.
Reasoning (R): The concept of elasticity of demand indicates the effect of price and changes in other factors on demand.
Explain the term elasticity of demand.
Which statement about the law of demand and elasticity of demand is true?
