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प्रश्न
Define elasticity of demand.
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उत्तर
Price elasticity of demand tells us the amount of the change in the quantity demanded of a commodity in response to change in its price. In other words, it measures the degree of change of demand in response to changes in price.
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संबंधित प्रश्न
Income elasticity of demand for inferior goods is negative.
A consumer spends Rs 200 on a good priced at Rs 5 per unit. When the price falls by 20 percent, he continues to spend Rs 200. Find the price elasticity of demand by percentage method.
State whether the following statement is True or False :
Concept of elasticity of demand is useful for finance minister.
Fill in the blank with appropriate alternatives given below:
The slope of demand curve is _______________ in case of inelastic demand.
What are the degrees of price elasticity of Demand?
What are the methods of measuring Elasticity of demand?
If quantity supplied increases by 60% due to a 50% increase in price, then elasticity of supply is ______
What will be the effect on price elasticity of demand, if the time required to find the substitute product is more.
State with reasons whether you agree or disagree with the following statement:
The elasticity of demand gets influenced by the nature of the commodity.
- Luxuries goods have generally elastic demand.
- Goods whose close substitutes are available have inelastic demand.
