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प्रश्न
State 3 factors which affect price elasticity of demand.
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उत्तर
Three factors which affect price elasticity of demand are:
- Nature of commodity
- Availability of substitutes
- Habits
संबंधित प्रश्न
Explain the effect of the following on the price elasticity of demand of a commodity:
(i) Number of substitutes
(ii) Nature of the commodity
When price of a commodity falls by Rs 1 per unit, its quantity demanded rises by 3 units. Its price elasticity of demand is (−) 2. Calculate its quantity demanded if the price before the change was Rs 10 per unit.
Write Short note on the following.
Ratio method of measuring price elasticity of demand ?
Choose the correct answer :
Perfectly elastic demand curve is _________.
Choose the correct answer :
Demand of labour is _______
Choose the correct answer :
Demand of electricity for domestic purpose is _________.
State whether the following statements are TRUE or FALSE :
The demand of foodgrains is inelastic.
The coefficient of price elasticity of demand for Good X is (−) 0.2. If there is a 5% increase in the price of the good, by what percentage will the quantity demanded for the good fall?
Elasticity of demand for two goods A and B is -2 and -3 respectively. Then good A has higher elasticity.
The government wants to reduce the consumption of good by 10%. The price elasticity of demand for elasticity is -0.4. The government should raise the price of elasticity by ______.
What is the implication of a vertical demand curve?
Which of the following is the most likely reason for the relatively high elasticity of bottled water?
When will the demand curve be parallel to x-axis?
Discuss any three/ four factors determining price elasticity of demand.
Which of the following correctly describes the relationship between availability of substitutes and price elasticity of demand?
What type of demand characterizes necessity goods compared to luxury goods?
What effect do habitual consumption patterns have on price elasticity of demand?
