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प्रश्न
State whether demand will be Elastic or Inelastic. Give reasons for your answer.
The demand for salt by households.
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उत्तर
Because households only spend a relatively small percentage of their income on salt, their demand will be inelastic without near alternatives. The consumer will continue to purchase about the same amount of salt even if the price increases because it won't have much of an impact on their budget. As a result, there is no elastic demand for these commodities.
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.
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Ratio method of measuring price elasticity of demand ?
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Stock
Choose the correct answer :
Perfectly elastic demand curve is _________.
State whether the following statements are TRUE or FALSE :
The demand of foodgrains is inelastic.
The account in which the specific amount is deposited per month regularly is known as ______.
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How does the availability of substitutes of a commodity affect its price elasticity of demand?
How does the time period affect the elasticity of demand?
