Advertisements
Advertisements
प्रश्न
With the help of a graph explain the relatively inelastic demand for a commodity.
Advertisements
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.
APPEARS IN
संबंधित प्रश्न
Analyse the given graphs and identify the type of elasticity of demand of:
- Picture 1
- Picture 2
With the help of a graph explain a perfectly inelastic demand curve.
Degrees of price elasticity of demand is of ______ types.
From the following goods, demand for which is inelastic?
A product's demand is ______ when the time period under consideration is longer.
For the following list of goods state whether the demand is elastic or inelastic. Give reasons:
Rolex watches
A perfectly elastic demand curve is parallel to the X-axis. Why or why not?
What is the price elasticity of demand for the following demand curve?
Straight line demand curve parallel to X-axis.
What is the price elasticity of demand for the following demand curve?
Rectangular hyperbola
A list of goods is given below. state whether the price elasticity of demand is inelastic, relatively elastic, highly elastic or highly inelastic. Give reasons to support your answer.
Demand for cigar by a chain smoker
