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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.
संबंधित प्रश्न
What will be the effect of 10 percent rise in price of a good on its demand if price elasticity of demand is (a) Zero, (b)-1, (c)-2.
Discuss any four factors affecting price elasticity of demand.
Give reasons or explain the following statements
Demand for basic necessities is inelastic.
Explain price elasticity of demand.
State whether the following statement is TRUE and FALSE.
Total outlay is price multiplied by quantity.
Define or explain the following concept:
Income Elasticity of Demand
Give reason or explain the following statement:
Demand for necessaries is inelastic.
Give an economic term:
Elasticity resulting from a proportionate change in quantity demanded due to a proportionate change in price.
If quantity supplied increases by 60% due to a 50% increase in price, then elasticity of supply is ______
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.
