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प्रश्न
Sate whether the price elasticity of demand is inelastic, relatively elastic, highly elastic or highly inelastic. Give reasons to support your answer.
Demand for precious stones and costly jewellery
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उत्तर
Their demand is inelastic. Costly diamonds and jewellery are demanded by very rich persons who do not bother price change much.
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संबंधित प्रश्न
Analyse the given graphs and identify the type of elasticity of demand of:
- Picture 1
- Picture 2
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| Price in ₹ | Total outlay ₹ |
| 5 | 25 |
| 3 | 18 |
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