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प्रश्न
What do you mean by an ‘inferior good’? Give some examples.
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उत्तर
Inferior good: Those goods that share an inverse relationship with their prices and with the income of a consumer are called inferior goods. That is,
If the price of a good (Px) increases, then thedemand for good (Dx) decreases.
If a consumer’s income (M) increases, then the demand for good (Dx) decreases.
Examples: Coarse cereals, bidis etc.
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संबंधित प्रश्न
Income elasticity of demand for inferior goods is negative.
Explain the factors determining the elasticity of demand.
A consumer buys 27 units of a good at a price of Rs 10 per unit. When the price falls to Rs 9 per unit, the demand rises to 30 units. What can you say about price elasticity of demand of the good through the 'expenditure approach'?
State whether the following statements are TRUE or FALSE :
The demand of foodgrains is inelastic.
Explain price elasticity of demand.
State whether the following statement is TRUE and FALSE.
Unitary Elastic Demand rarely occurs in practice.
Define or explain the following concept:
Unitary Elastic Demand
Give reason or explain the following statement:
Demand for habitual goods is inelastic.
What are the degrees of price elasticity of Demand?
What will be the effect on price elasticity of demand, if the time required to find the substitute product is more.
Assertion (A): The elastic demand curve for luxuries is flatter than normal.
Reason (R): The coefficient of Elasticity ranges between 0 and 1.
State with reasons whether you agree or disagree with the following statement:
The elasticity of demand gets influenced by the nature of the commodity.
Mention any two examples of composite demand.
The price of a good decreases from ₹100 to 80 per unit. If the price elasticity of demand for the good is 2 and the original quantity demanded is 30 units, calculate the new quantity demanded.
Explain the term elasticity of demand.
As a result of 5% fall in the price of a good, its demand rises by 12%, the demand for the good will said be ______.
What is meant by elastic demand?
What is unit elasticity of demand?
