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प्रश्न
State whether demand will be Elastic or Inelastic. Give reasons for your answer.
A consumer prefers to postpone the purchase of a car to avail more of year ending discount.
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उत्तर
If a customer waits to buy a car in order to take advantage of greater year-end discounts, the car will have 'elastic demand' because commodities with postponed consumption tend to have elastic demand, meaning that a slight increase in price will force customers to defer their previously planned consumption.
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संबंधित प्रश्न
A 5 percent fall in the price of a good raises its demand from 300 units to 318 units. Calculate its price elasticity of demand.
Match the following :
| Group 'A' | Group 'B' |
| (a) Demand and price | (1) wages |
| (b) Perfectly elastic supply | (2) Vertical supply curve |
| (c) Land | (3) Transfer income |
| (d) Unemployment allowance | (4) Horizontal supply curve |
| (e) Reserve Bank of India | (5) Inverse relation |
| (6) Rent | |
| (7) 1935 | |
| (8) Direct relation |
State whether the following statement is true or false :
Concept of ‘elasticity of demand’ is useful for the finance minister.
Choose the correct answer :
Demand of labour is _______
Match the following:
|
Group A
|
Group B
|
|
1. Cars and petrol
|
a. Elastic demand
|
|
2. Point method
|
b. Complementary
|
|
3. Necessary goods
|
c. Geometric method
|
|
|
d. Inelastic demand
|
Which of the following is the most likely reason for the relatively high elasticity of bottled water?
Explain briefly the factors on which elasticity of demand depends.
What type of demand characterizes necessity goods compared to luxury goods?
What effect do habitual consumption patterns have on price elasticity of demand?
