Advertisements
Advertisements
प्रश्न
How do we determine whether the demand for a particular commodity is elastic or inelastic?
Advertisements
उत्तर
The commodity is said to be perfectly elastic when:
Perfectly elastic: Demand is said to be completely elastic when a little change in price causes an indefinitely large change in the amount required of a good. A minor increase in the seller's price will reduce the demand for the commodity to zero, whereas a slight decrease in the price will result in such a large increase in demand for products that no single seller will be able to meet the demand at the decreased price. In such cases, the demand curve is a straight line parallel to the X-axis.
APPEARS IN
संबंधित प्रश्न
Analyse the given graphs and identify the type of elasticity of demand of:
- Picture 1
- Picture 2
From the following goods, demand for which is inelastic?
For the following list of goods state whether the demand is elastic or inelastic. Give reasons:
Matchboxes
For the following list of goods state whether the demand is elastic or inelastic. Give reasons:
Rice in West Bengal
For the following list of goods state whether the demand is elastic or inelastic. Give reasons:
Rolex watches
Mention the degree of price elasticity of demand for the following goods:
Medicine
What is meant by unitary elastic demand?
A perfectly elastic demand curve is parallel to the X-axis. Why or why not?
Explain the different types of price elasticity of demand.
A list of goods is given below. state whether the price elasticity of demand is inelastic, relatively elastic, highly elastic or highly inelastic. Give reasons to support your answer.
Demand for personal computers
