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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
Discuss any four factors affecting price elasticity of demand.
Define or explain the following concept.
Unitary elastic demand.
What is the elasticity of demand?
State whether the following statement isTrue or False with reason:
The concept of elasticity of demand is useful in economic theory.
Define or explain the following concept:
Income Elasticity of Demand
Give reason or explain the following statement:
Demand for necessaries is inelastic.
Elasticity of demand is equal to one indicates
Identify the correctly matched pair from the items in Column A by matching them to the items in Column B:
| Column A | Column B | ||
| 1 | Relatively Inelastic Demand | (a) | ed > 1 |
| 2 | Relatively Elastic Demand | (b) | ed < 1 |
| 3 | Perfectly Inelastic Demand | (c) | ed = 0 |
| 4 | Perfectly Elastic Demand | (d) | ed = 1 |
The price of a good decreases from ₹100 to 80 per unit. If the price elasticity of demand for the good is 2 and the original quantity demanded is 30 units, calculate the new quantity demanded.
Which statement about the law of demand and elasticity of demand is true?
