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प्रश्न
What is meant by elastic demand?
When is the demand for a commodity said to be elastic?
What is elastic demand?
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उत्तर
When the percentage change in demand is greater than the percentage change in price, demand is known as elastic demand.
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संबंधित प्रश्न
Demand for the commodity having multiple uses has elastic demand.
Explain the factors determining the elasticity of demand.
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?
A consumer buys 18 units of a good at a price of Rs 9 per unit. The price elasticity of demand for the good is (–) 1. How many units the consumer will buy at a price of Rs 10 per unit? Calculate.
The measure of price elasticity of demand of a normal good carries minus sign while price elasticity of supply carries plus sign. Explain why?
A consumer spends Rs 100 on a good priced at Rs 4 per unit. When price rises by 50 percent, the consumer continues to spend Rs 100 on the good. Calculate the price elasticity of demand by percentage method
Price elasticity of demand of a good is (-) 1. Calculate the percentage change in price that will raise the demand from 20 units to 30 units.
Discuss any four factors affecting price elasticity of demand.
8 units of a good are demanded at a price of Rs 7 per unit. Price elasticity of demand is (−) 1. How many units will be demanded if the price rises to Rs 8 per unit? Use expenditure approach of price elasticity of demand to answer this question.
Write a short note on factors determining elasticity of demand.
Give reasons or explain the following statements
Demand for basic necessities is inelastic.
State whether the following statement is TRUE and FALSE.
Demand for luxuries is elastic.
State whether the following statement is TRUE and FALSE.
Total outlay is price multiplied by quantity.
State whether the following statement is TRUE and FALSE.
Unitary Elastic Demand rarely occurs in practice.
Give reason or explain the following statement:
Concept of Elasticity of Demand helps trade union leaders.
Give reason or explain the following statement:
Demand for commodity having multiple uses has elastic demand.
Answer the following question.
If the price of a commodity rises by 40% and its quantity demanded falls from150 units to 120 units, calculate the coefficient of price elasticity of demand for the commodity.
Give an economic term:
Elasticity resulting from a proportionate change in quantity demanded due to a proportionate change in price.
The concept of elasticity of demand was introduced by
Elasticity of the demand is available when:
Assertion (A): The elastic demand curve for luxuries is flatter than normal.
Reason (R): The coefficient of Elasticity ranges between 0 and 1.
Identify the correctly matched pair from the items in Column A by matching them to the items in Column B:
| Column A | Column B | ||
| 1 | Relatively Inelastic Demand | (a) | ed > 1 |
| 2 | Relatively Elastic Demand | (b) | ed < 1 |
| 3 | Perfectly Inelastic Demand | (c) | ed = 0 |
| 4 | Perfectly Elastic Demand | (d) | ed = 1 |
Study the following table and answer the questions:
| Price of Pen (₹) | Demand for Pen |
| 10 | 500 |
| `square` | 400 |
| 30 | `square` |
| `square` | 200 |
| 50 | `square` |
Questions:
- Complete the above table.
- Which type of relationship is found between the price of a pen and demand for the pen?
Explain the concept of price elasticity of demand.
The elasticity of demand for school bag will be ______.
Which type of good typically has inelastic demand?
