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प्रश्न
What is meant by elastic demand?
When is the demand for a commodity said to be elastic?
What is elastic demand?
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उत्तर
When the percentage change in demand is greater than the percentage change in price, demand is known as elastic demand.
संबंधित प्रश्न
Income elasticity of demand for inferior goods is negative.
When the price of a commodity X falls by 10 percent. Its demand rises from 150 units to 180
units. Calculate is price elasticity of demand. How much should be the percentage fall in its
price so that its demand rises from 150 to 210 units?
When the price of good rise from Rs 10 per unit to Rs 12 per unit, its quantity demanded falls by 20 percent. Calculate its price elasticity of demand. How much would be the percentage change in its quantity demanded, if the price rises from Rs 10 per unit to Rs 13 per unit?
A consumer spends Rs 1000 on a good priced at Rs 8 per unit. When price rises by 25 percent, the consumer continues to spend Rs 1000 on the good. Calculate the price elasticity of demand by percentage method.
A consumer spends Rs 1,000 on a good priced at Rs10 per unit. When its price falls by 20 percent, the consumer spends Rs800 on the good. Calculate the price elasticity of demand by the Percentage method
Write a short note on factors determining elasticity of demand.
State whether the following statement is True or False :
Concept of elasticity of demand is useful for finance minister.
What is the elasticity of demand?
Give reasons or explain the following statements
Demand for basic necessities is inelastic.
State whether the following statements are TRUE or FALSE :
The demand of foodgrains is inelastic.
What do you mean by complements? Give examples of two goods which are complements of each other.
Consider the demand for a good. At price Rs 4, the demand for the good is 25 units. Suppose the price of the good increases to Rs 5, and as a result, the demand for the good falls to 20 units. Calculate the price elasticity.
Give reason or explain the following statement.
All desires are not demand.
The demand for salt is ______.
Fill in the blank with appropriate alternatives given below:
Income elasticity of demand for inferior goods is __________.
Fill in the blank with appropriate alternatives given below:
The slope of demand curve is _______________ in case of inelastic demand.
State whether the following statement is TRUE and FALSE.
Total outlay is price multiplied by quantity.
Define or explain the following concept:
Unitary Elastic Demand
Give economic term:
Elasticity resulting from infinite change in quantity demanded.
Elasticity of demand is equal to one indicates
Identify the correct pair of items from the following Columns I and II:
| Columns I | Columns II |
| (1) Perfectly elastic supply | (a) Es > 1 |
| (2) Perfectly inelastic supply | (b) Es < 1 |
| (3) Unitary elastic supply | (c) Es = 1 |
| (4) Relatively elastic supply | (d) Es = 0 |
If a good takes up a significant share of consumers' budget, its demand will be ______.
Elasticity of the demand is available when:
Assertion (A): The elastic demand curve for luxuries is flatter than normal.
Reason (R): The coefficient of Elasticity ranges between 0 and 1.
Assertion (A) : A change in quantity demanded of one commodity due to a change in the price of other commodity is cross elasticity.
Reasoning (R) : Changes in consumers income leads to a change in the quantity demanded.
Explain the concept of price elasticity of demand.
The elasticity of demand for school bag will be ______.
As a result of 5% fall in the price of a good, its demand rises by 12%, the demand for the good will said be ______.
