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प्रश्न
When is the demand for a good said to be elastic?
पर्याय
When % change in demand is less than % change in price
When % change in demand is greater than % change in price
When absolute change in demand is greater than absolute change in price
None of these
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उत्तर
When % change in demand is greater than % change in price
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संबंधित प्रश्न
A consumer buys 10 units of a commodity at a price of Rs. 10 per unit. He incurs an expenditure of Rs 200 on buying 20 units. Calculate price elasticity of demand by the percentage method. Comment upon the shape of demand curve based on this information.
Write a short note on factors determining elasticity of demand.
What do you mean by a normal good?
Consider the demand curve D(p) = 10 − 3p. What is the elasticity at price `5/3` ?
Fill in the blank with appropriate alternatives given below:
Income elasticity of demand for inferior goods is __________.
Give reason or explain the following statement:
Concept of Elasticity of Demand helps trade union leaders.
The concept of elasticity of demand was introduced by
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 |
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. Increase or decrease in demand for a commodity does not cause any change in its price. | (a) Effect on supply, in the case of Perfectly Elastic Demand. |
| 2. Increase or decrease in demand causes a change in the price of the commodity. Equilibrium quantity remains constant. | (b) Effect on demand, in the case of Perfectly Inelastic Supply. |
| 3. Increase or decrease in demand cause a change in the price of the commodity. Equilibrium quantity remains constant. | (c) Effect on demand, in the case of Perfectly Elastic Supply. |
| 4. Increase or decrease in demand for a commodity does not cause any change in its price. | (d) Effect on supply, in the case of Perfectly Elastic Demand. |
Assertion (A): Elasticity of demand explains that one variable is influenced by another variable.
Reasoning (R): The concept of elasticity of demand indicates the effect of price and changes in other factors on demand.
