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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
Explain the factors determining the elasticity of demand.
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.
A consumer spends Rs 100 on a good priced at Rs 4 per unit. When price rises by 50 percent, the consumer continues to spend Rs 100 on the good. Calculate the price elasticity of demand by percentage method
A consumer buys 10 units of a commodity at a price of Rs. 10 per unit. He incurs an expenditure of Rs 200 on buying 20 units. Calculate price elasticity of demand by the percentage method. Comment upon the shape of demand curve based on this information.
Define or explain the following concept.
Unitary elastic demand.
State whether the following statement is True or False :
Concept of elasticity of demand is useful for finance minister.
What do you mean by an ‘inferior good’? Give some examples.
Explain price elasticity of demand.
Give reason or explain the following statement.
All desires are not demand.
State whether the following statement is TRUE and FALSE.
Concept of Elasticity of Demand is useful for finance minister.
Define or explain the following concept:
Unitary Elastic Demand
Give reason or explain the following statement:
Demand for commodity having multiple uses has elastic demand.
Answer the following question.
When the price of X doubles, its quantity demanded falls by 60 percent. Calculate its price elasticity of demand. What should be the percentage change in price so that its quantity demanded doubles?
Elasticity of the demand is available when:
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.
Study the following table and answer the questions:
| Price of Pen (₹) | Demand for Pen |
| 10 | 500 |
| `square` | 400 |
| 30 | `square` |
| `square` | 200 |
| 50 | `square` |
Questions:
- Complete the above table.
- Which type of relationship is found between the price of a pen and demand for the pen?
When change in price is greater than the change in quantity demand it is a case of elastic demand.
What is meant by elastic demand?
