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प्रश्न
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 ______.
पर्याय
relatively less elastic demand
relatively more elastic demand
Perfectly inelastic demand
Perfectly elastic demand
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उत्तर
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 relatively more elastic demand.
Explanation:
Since the demand increases by a larger percentage (12%) in response to a smaller percentage decrease in price (5%), the demand is considered relatively more elastic. This indicates that consumers are highly responsive to price changes for this good.
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संबंधित प्रश्न
Income elasticity of demand for inferior goods is negative.
When the price of good rise from Rs 10 per unit to Rs 12 per unit, its quantity demanded falls by 20 percent. Calculate its price elasticity of demand. How much would be the percentage change in its quantity demanded, if the price rises from Rs 10 per unit to Rs 13 per unit?
When the price of a good falls from Rs 10 to Rs 8 per unit, its demand rises from 20 units to 24 units. What can you say about price elasticity of demand of the good through the expenditure approach?
Write short notes on the Proportional method of measuring the elasticity of demand.
Define or explain the following concept.
Unitary elastic demand.
Write a short note on factors determining elasticity of demand.
Give an economic term:
Elasticity resulting from a proportionate change in quantity demanded due to a proportionate change in price.
If quantity supplied increases by 60% due to a 50% increase in price, then elasticity of supply is ______
Explain the concept of price elasticity of demand.
What does elasticity of demand measure?
