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प्रश्न
Draw a diagram to show the elasticity of demand when it is greater than one.
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उत्तर
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संबंधित प्रश्न
Income elasticity of demand for inferior goods is negative.
What will be the effect of 10 percent rise in price of a good on its demand if price elasticity of demand is (a) Zero, (b)-1, (c)-2.
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 1000 on a good priced at Rs 8 per unit. When price rises by 25 percent, the consumer continues to spend Rs 1000 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.
A consumer spends Rs 200 on a good priced at Rs 5 per unit. When the price falls by 20 percent, he continues to spend Rs 200. Find the price elasticity of demand by percentage method.
Give reasons or explain the following statements
Demand for basic necessities is inelastic.
What do you mean by substitutes? Give examples of two goods which are complements of each other.
Consider the demand curve D(p) = 10 − 3p. What is the elasticity at price `5/3` ?
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.
State whether the following statement is true or false. Give valid reasons in support of your answer.
The coefficient of price elasticity of demand for the commodity is inversely related to the number of alternative uses of the commodity.
What will be the effect on price elasticity of demand, if the time required to find the substitute product is more.
Assertion (A): The elastic demand curve for luxuries is flatter than normal.
Reason (R): The coefficient of Elasticity ranges between 0 and 1.
State with reasons whether you agree or disagree with the following statement:
The elasticity of demand gets influenced by the nature of the commodity.
mention any two examples of composite demand.
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.
What is unit elasticity of demand?
