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Chapters
1: Micro and Macro Economics - An Introduction
2: Demand and Law of Demand
▶ 3: Elasticity of Demand
4: Theory of Consumer's Behaviour : Cardinal Utility Analysis
5: Theory of Consumer's Behaviour : Indifference Curve Analysis
6: Supply and Law of Supply
7: Revenue Analysis
8: Cost Theory Analysis
9: Forms of Market
10: Concept of Production and Law of Returns
11: Equilibrium of Firm and Industry Under Perfect Competition
12: Producer's Equilibrium Under Perfect Competition
13: Price Output Under Perfect Competition
14: Price Output Determination Under Monopoly
15: Price Output Determination Under Monopolistic Competition and Oligopoly
Unit 2 : Theory of Income and Employment
16: Basic Concepts of Macro Economics
17: Aggregate Demand and Supply - Determinants of Equilibrium
18: Consumption Function {Propensity to Consume)
19: Concept of Investments-Types and Determinants
20: Multiplier - I : Static and Dynamic
21: Full Employment and Voluntary Unemployment
22: Problems of Deficient Demand and Excesss Demand
23: Measures to Correct Deficient and Excess Demand
Unit 3 : Money and Banking
24: Money - An Introduction
25: Bank and Commercial Bank
26: Central Bank
Unit 4 : International Trade
27: Balance of Payments
28: Foreign Exchange Rate
Unit 5 : Public Finance
29: Fiscal Policy
30: Budget
Unit 6 ; National Income
31: National Income and Circular Flow of Income
32: Concepts of National Income
33: Measurement of National Income
34: National Income and Economic Welfare
![R. K. Lekhi and P. K. Dhar solutions for Economics [English] Class 12 ISC chapter 3 - Elasticity of Demand - Shaalaa.com](/images/economics-english-class-12-isc_6:0ec86a6424ae41d2b0d71f72fec46101.jpg "R. K. Lekhi and P. K. Dhar solutions for Economics [English] Class 12 ISC chapter 3 - Elasticity of Demand")
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Solutions for Chapter 3: Elasticity of Demand
Below listed, you can find solutions for Chapter 3 of CISCE R. K. Lekhi and P. K. Dhar for Economics [English] Class 12 ISC.
R. K. Lekhi and P. K. Dhar solutions for Economics [English] Class 12 ISC 3 Elasticity of Demand TEST QUESTIONS [Pages 3.16 - 3.18]
SHORT ANSWER QUESTIONS
Who propounded the concept of elasticity of demand?
What is elasticity of demand?
What is perfectly elastic demand?
What is perfectly inelastic demand?
What is meant by unitary elastic demand?
Explain the factors determining the elasticity of demand.
What are the methods of measuring Elasticity of demand?
When is the demand of a commodity said to be inelastic?
Give the formula to measure Price elasticity of demand.
Income elasticity of demand.
What is meant by cross elasticity of demand?
Give the formula to measure cross elasticity of demand.
Give the formula to measure income elasticity of demand.
Explain the importance of elasticity of demand.
Give the formula of graphic method to find out elasticity of demand.
What is the income elasticity of Giffen's goods?
State the types of income elasticity of demand.
Define unitary income elasticity of demand.
State the degrees of cross elasticity of demand.
Define negative cross elasticity of demand.
Explain price elasticity of demand.
Explain the factors determining the elasticity of demand.
Explain the factors determining the elasticity of demand.
Explain the importance of elasticity of demand.
Income elasticity of demand.
Explain the types of elasticity of demand
Define price elasticity of demand.
What would be the shape of a demand curve of a commodity when its price elasticity of demand is zero?
What would be the shape of a demand curve of a commodity when its price elasticity of demand is infinite?
Measure Price Elasticity of Demand if 20% fall in price results in 25% increase in demand.
What is meant by price elasticity of demand?
Explain the importance of elasticity of demand.
R. K. Lekhi and P. K. Dhar solutions for Economics [English] Class 12 ISC 3 Elasticity of Demand EXAMINATION CORNER [Pages 3.18 - 3.19]
(Questions From Previous ISC Papers)
What is meant by cross elasticity of demand?
Draw a perfectly elastic demand curve.
What will be the elasticity of demand in the following situation?
When the change in price and the total expenditure move in the opposite directions.
What will be the elasticity of demand in the following situation?
When the change in price and total expenditure move in the same direction.
Explain the factors determining the elasticity of demand.
How is price elasticity of demand measured?
What is the price elasticity associated with the straight line supply curve passing through the origin? Explain with a diagram.
How does the total expenditure affect the price elasticity of demand?
What will be the elasticity of demand in the following situation?
When the proportionate change in quantity demanded is less than the proportionate change in price.
What will be the elasticity of demand in the following situation?
When the proportionate change in quantity demanded is equal to the proportionate change in price.
What does cross elasticity of demand between two goods imply? Give an example to explain.
Define price elasticity of demand.
How is price elasticity of demand measured?
Draw demand curves showing elasticity equal to zero.
Draw a perfectly elastic demand curve.
Draw the demand curve showing unitary elastic demand all through.
Draw a diagram to show the elasticity of demand when it is greater than one.
Draw a diagram to show the elasticity of demand when it is less than one.
Draw a diagram to show the elasticity of demand when it is unity.
What will be the elasticity of demand in the following situation?
When the change in price and the total expenditure move in the opposite directions.
What will be the elasticity of demand in the following situation?
When the change in price and total expenditure move in the same direction.
What will be the elasticity of demand in the following situation?
When total expenditure remains the same in spite of a change in price.
How is the elasticity of demand of a commodity affected by the existence of substitutes of a commodity?
How is the elasticity of demand of a commodity affected by the Nature of a commodity?
How is the elasticity of demand of a commodity affected by the amount of income spent on a commodity?
What is meant by price elasticity of demand?
Explain the importance of elasticity of demand.
The price of a commodity falls from ₹ 50 to ₹ 30, resulting in an increase in the purchase of the commodity from 200 units to 220 units. Calculate the price elasticity of demand.
Calculate the quantity demanded of a commodity when the price increases from ₹ 4 to ₹ 6. The original quantity demanded was 40 units and the price elasticity of demand is 0.5.
If demand increased by 50 percent due to an increase in income by 75 percent, calculate the income elasticity of demand.
With the help of a diagram, show how equilibrium price and quantity of a commodity are affected when demand is perfectly elastic and supply decreases.
With the help of a diagram, show how equilibrium price and quantity of a commodity are affected when supply is perfectly elastic and demand increases.
Discuss any four factors affecting price elasticity of demand.
Find the elasticity of demand of X and Y on the basis of the demand schedule given below and specify which one is more elastic:
| Good X | Good Y | ||
| Px(Re) | Dx(units) | Py(Re.) | Dy(units) |
| 8 | 10 | 8 | 10 |
| 4 | 12 | 6 | 25 |
What is meant by income elasticity of demand?
The quantity demanded of a commodity at a price of ₹ 10 per unit is 40 units. Its price elasticity of demand is −2. The price falls by 2 per unit. Calculate the quantity demanded at the new price.
R. K. Lekhi and P. K. Dhar solutions for Economics [English] Class 12 ISC 3 Elasticity of Demand EXERCISES [Page 3.20]
A consumer buys 50 units of a good at ₹ 4 per unit. If its price falls by 25 percent, its demand rises to 100 units. Calculate its price elasticity of demand.
The demand for a commodity declines by 10% when its price increases from ₹ 5 to ₹ 6 per unit. What is the price elasticity of demand of the commodity.
A consumer purchased 10 units of a commodity when its price was ₹ 5 per unit. He purchases 12 units of the commodity when price falls to ₹ 4 per unit. Calculate the price elasticity of demand for the commodity.
Solutions for 3: Elasticity of Demand
R. K. Lekhi and P. K. Dhar solutions for Economics [English] Class 12 ISC chapter 3 - Elasticity of Demand
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Concepts covered in Economics [English] Class 12 ISC chapter 3 Elasticity of Demand are Concept of Elasticity of Demand, Types of Elasticity of Demand > Price Elasticity, Factors Affecting Price Elasticity of Demand, Importance of Elasticity of Demand, Types of Elasticity of Demand > Cross Elasticity, Types of Elasticity of Demand > Income Elasticity, Numerical Problems of Price Elasticity of Demand, Methods of Measuring Price Elasticity of Demand.
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