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प्रश्न
State 3 factors which affect price elasticity of demand.
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उत्तर
Three factors which affect price elasticity of demand are:
- Nature of commodity
- Availability of substitutes
- Habits
संबंधित प्रश्न
Explain any two factors that affect the price elasticity of demand. Give suitable examples.
How does change in the price of complementary good affect the demand for the given good? Explain with the help of an example.
A 5 percent fall in the price of a good raises its demand from 300 units to 318 units. Calculate its price elasticity of demand.
When price of a commodity falls by Rs 1 per unit, its quantity demanded rises by 3 units. Its price elasticity of demand is (−) 2. Calculate its quantity demanded if the price before the change was Rs 10 per unit.
State whether the following statement is true or false :
Concept of ‘elasticity of demand’ is useful for the finance minister.
Write Short note on the following.
Ratio method of measuring price elasticity of demand ?
Define or explain the following concepts (Any THREE):
Stock
State whether the following statements are TRUE or FALSE :
The demand of foodgrains is inelastic.
The account in which the specific amount is deposited per month regularly is known as ______.
The coefficient of price elasticity of demand for Good X is (−) 0.2. If there is a 5% increase in the price of the good, by what percentage will the quantity demanded for the good fall?
What is the implication of a vertical demand curve?
When the price elasticity of demand for a good equals ______.
Which of the following is the most likely reason for the relatively high elasticity of bottled water?
Assertion (A): The demand for soap, salt, matches etc. is highly elastic.
Reason (R): The demand for soap, salt, matches etc. is highly inelastic because the consumer spends a very small amount of expenditure in relation to his/her income.
Assertion (A): Demand for a commodity with large number of substitutes with be less elastic.
Reason (R): With large number of substitutes, even a small rise in its price will induce the buyers to go for its substitutes.
Comment upon the shape of the demand curve, if Ed = 0.
How does the nature of a commodity affect its price elasticity of demand?
