Advertisements
Advertisements
प्रश्न
If a good takes up a significant share of consumers' budget, its demand will be ______.
पर्याय
Less elastic
Highly elastic
Unitary elastic
Perfectly elastic
Advertisements
उत्तर
If a good takes up a significant share of consumers' budget, its demand will be highly elastic.
Explanation:
If a good consumes a significant portion of the consumer budget, it implies that it cannot be a necessary comfort or jointly demanded good.
APPEARS IN
संबंधित प्रश्न
Income elasticity of demand for inferior goods is negative.
A consumer buys 18 units of a good at a price of Rs 9 per unit. The price elasticity of demand for the good is (–) 1. How many units the consumer will buy at a price of Rs 10 per unit? Calculate.
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.
State whether the following statement isTrue or False with reason:
The concept of elasticity of demand is useful in economic theory.
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 an ‘inferior good’? Give some examples.
Define or explain the following concept:
Income Elasticity of Demand
Give reason or explain the following statement:
Concept of Elasticity of Demand helps trade union leaders.
Choose the correct answer from given options.
The expenditure on a good would change in the opposite direction as the price changes only when demand is ______
What are the degrees of price elasticity of Demand?
