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प्रश्न
Find the odd word.
Types of elasticity of demand
पर्याय
Unitary elasticity
Income elasticity
Cross elasticity
Price elasticity
MCQ
एक शब्द/वाक्यांश उत्तर
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उत्तर
Unitary elasticity
Explanation:
- Income elasticity, cross elasticity, and price elasticity are types of elasticity of demand, each measuring the responsiveness of demand to different factors:
- Income elasticity: change in demand due to change in income.
- Cross elasticity: change in demand due to change in the price of related goods.
- Price elasticity: change in demand due to change in the good’s own price.
- Unitary elasticity is not a type but a degree or value of price elasticity (specifically when elasticity equals 1).
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