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प्रश्न
The elasticity of demand for school bag will be ______.
पर्याय
Elastic
Perfectly elastic
Unitary elastic
Inelastic
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उत्तर
The elasticity of demand for school bag will be inelastic.
Explanation: For students, school bags are a necessary item, and there aren't many alternatives. Customers are unlikely to significantly change how much they buy in reaction to price changes. As a result, the demand usually becomes inelastic.
संबंधित प्रश्न
When the price of good rises from Rs10 to Rs12 per unit, its demand falls from 25 units to 20 units. What can you say about price elasticity of demand of the good through the 'expenditure approach'?
Write a short note on factors determining elasticity of demand.
Give reasons or explain the following statements
Demand for basic necessities is inelastic.
What do you mean by substitutes? Give examples of two goods which are complements of each other.
Define the following concept:
Cross Elasticity of Demand
Define or explain the following concept:
Unitary Elastic Demand
Give economic term:
Elasticity resulting from infinite change in quantity demanded.
What are the methods of measuring Elasticity of demand?
Identify the correctly matched pair from the items in Column A by matching them to the items in Column B:
| Column A | Column B | ||
| 1 | Relatively Inelastic Demand | (a) | ed > 1 |
| 2 | Relatively Elastic Demand | (b) | ed < 1 |
| 3 | Perfectly Inelastic Demand | (c) | ed = 0 |
| 4 | Perfectly Elastic Demand | (d) | ed = 1 |
Price elasticity of demand is defined as the percentage change in the quantity demanded of a commodity divided by the percentage change in the price of that commodity.
