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प्रश्न
Mention any two examples of composite demand.
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उत्तर
Two examples of composite demand are as follows:
Milk: Milk is a composite good since it has numerous applications and may be consumed in a variety of forms, including curd, ice cream, shakes, cheese, and so on.
Steel: It is a composite good since it may be used to make bus bodies, room coolers, autos, and other items.
संबंधित प्रश्न
Income elasticity of demand for inferior goods is negative.
Price elasticity of demand of goods X is -2 and goods Y is -3. Which of the two goods is more price elastic and why?
Write short notes on the Proportional method of measuring the elasticity of demand.
A consumer buys 10 units of a commodity at a price of Rs. 10 per unit. He incurs an expenditure of Rs 200 on buying 20 units. Calculate price elasticity of demand by the percentage method. Comment upon the shape of demand curve based on this information.
Give reasons or explain the following statements
Demand for basic necessities is inelastic.
Give reason or explain the following statement:
Demand for commodity having multiple uses has elastic demand.
Write short answer for the following question :
Total outlay method of measuring price elasticity of demand.
State whether the following statement is true or false. Give valid reasons in support of your answer.
The coefficient of price elasticity of demand for the commodity is inversely related to the number of alternative uses of the commodity.
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.
When is the demand for a good said to be elastic?
