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प्रश्न
Mention any two examples of composite demand.
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उत्तर
Two examples of composite demand are as follows:
Milk: Milk is a composite good since it has numerous applications and may be consumed in a variety of forms, including curd, ice cream, shakes, cheese, and so on.
Steel: It is a composite good since it may be used to make bus bodies, room coolers, autos, and other items.
संबंधित प्रश्न
As we move along a downward sloping straight line demand curve from left to right, price
an elasticity of demand : (choose the correct alternative)
(a) remains unchanged
(b) goes on falling
(c) goes on rising
(d) falls initially then rises
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
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.
Define or explain the following concept.
Unitary elastic demand.
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` ?
State whether the following statement is TRUE and FALSE.
Total outlay is price multiplied by quantity.
Define or explain the following concept:
Unitary Elastic Demand
What will be the effect on price elasticity of demand, if the time required to find the substitute product is more.
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?
