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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
Write a short note on factors determining elasticity of demand.
The demand for salt is ______.
State whether the following statement is TRUE and FALSE.
Perfectly inelastic demand curve is parallel to the X axis.
Give reason or explain the following statement:
Demand for habitual goods is inelastic.
Assertion (A): Elasticity of demand explains that one variable is influenced by another variable.
Reasoning (R): The concept of elasticity of demand indicates the effect of price and changes in other factors on demand.
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 |
The elasticity of demand for school bag will be ______.
Price elasticity of demand is defined as the percentage change in the quantity demanded of a commodity divided by the percentage change in the price of that commodity.
- Luxuries goods have generally elastic demand.
- Goods whose close substitutes are available have inelastic demand.
When is the demand for a good said to be elastic?
