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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
Demand for the commodity having multiple uses has elastic demand.
Fill in the blank with appropriate alternatives given below:
Income elasticity of demand for inferior goods is __________.
Define or explain the following concept:
Unitary Elastic Demand
Define or explain the following concept:
Income Elasticity of Demand
Give reason or explain the following statement:
Demand for necessaries is inelastic.
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 ______
Assertion (A): The elastic demand curve for luxuries is flatter than normal.
Reason (R): The coefficient of Elasticity ranges between 0 and 1.
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.
- Luxuries goods have generally elastic demand.
- Goods whose close substitutes are available have inelastic demand.
