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प्रश्न
With the help of a graph explain the relatively inelastic demand for a commodity.
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उत्तर
Relatively inelastic demand for a commodity:
When a large change in the price does not bring so much change in the demand, the demand is said to be inelastic. In this situation, the percentage change in demand is lesser than the percentage change in price. For example, a fall in the price of 10% leads to a rise in demand by only 5%. Such a situation will arise when the demand for a commodity is very urgent. Here, the numerical value of price elasticity of demand will be E < 1. The slope of the inelastic demand curve is steep.
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संबंधित प्रश्न
Draw a diagram showing a perfectly elastic demand curve.
Analyse the given graphs and identify the type of elasticity of demand of:
- Picture 1
- Picture 2
Mention one example of inelastic demand. Give a reason in support of your answer.
Draw a diagram showing elasticity of demand less than one.
Select the commodities from the following which have inelastic demand:
Mention the degree of price elasticity of demand for the following goods:
Medicine
Mention the degree of price elasticity of demand for the following goods:
School uniform
Mention the degree of price elasticity of demand for the following goods:
Air conditioners
Study the statement given below and state whether demand will be elastic or inelastic, citing reasons for your answer.
A consumer postpones the purchase of a refrigerator till the off-season sale.
Define perfectly elastic demand.
