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प्रश्न
Define elasticity of demand.
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उत्तर
Price elasticity of demand tells us the amount of the change in the quantity demanded of a commodity in response to change in its price. In other words, it measures the degree of change of demand in response to changes in price.
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संबंधित प्रश्न
The price elasticity of demand for a good is - 0.4. If its price increases by 5 percent, by what percentage will its demand fall? Calculate.
As we move along a downward sloping straight line demand curve from left to right, price
an elasticity of demand : (choose the correct alternative)
(a) remains unchanged
(b) goes on falling
(c) goes on rising
(d) falls initially then rises
State whether the following statement is True or False :
Concept of elasticity of demand is useful for finance minister.
Fill in the blanks with appropriate alternatives given in the bracket.
Demand elasticity can be measured from demand curve by ___________ method.
What do you mean by substitutes? Give examples of two goods which are complements of each other.
Define the following concept:
Cross Elasticity of Demand
State whether the following statement is true or false. Give valid reasons in support of your answer.
Luxury goods often have lower price elasticity of demand.
What are the degrees of price elasticity of Demand?
What is unit elasticity of demand?
Which statement about the law of demand and elasticity of demand is true?
