Advertisements
Advertisements
प्रश्न
How do we determine whether the demand for a particular commodity is elastic or inelastic?
Advertisements
उत्तर
The commodity is said to be perfectly elastic when:
Perfectly elastic: Demand is said to be completely elastic when a little change in price causes an indefinitely large change in the amount required of a good. A minor increase in the seller's price will reduce the demand for the commodity to zero, whereas a slight decrease in the price will result in such a large increase in demand for products that no single seller will be able to meet the demand at the decreased price. In such cases, the demand curve is a straight line parallel to the X-axis.
APPEARS IN
संबंधित प्रश्न
Analyse the given graphs and identify the type of elasticity of demand of:
- Picture 1
- Picture 2
Under what conditions does the supply of good exhibit unitary elasticity?
What is unitary elastic demand? Draw a diagram to illustrate it.
Mention the degree of price elasticity of demand for the following goods:
Medicine
Study the table given below and state whether demand is elastic or inelastic. Give reasons for your answer.
| Price in ₹ | Total outlay ₹ |
| 5 | 25 |
| 3 | 18 |
What is meant by unitary elastic demand?
Define perfectly elastic demand.
The value of price elasticity of demand is 0.8. Is demand elastic or inelastic? Give reason.
What is the price elasticity of demand for the following demand curve?
Rectangular hyperbola
A list of goods is given below. state whether the price elasticity of demand is inelastic, relatively elastic, highly elastic or highly inelastic. Give reasons to support your answer.
Demand for diesel and petrol
