Advertisements
Advertisements
Question
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 diesel and petrol
Advertisements
Solution
Demand for diesel/petrol will be inelastic as its substitutes are not available.
APPEARS IN
RELATED QUESTIONS
Which is the implication of a horizontal demand curve?
Which of the following goods have inelastic demand?
For the following list of goods state whether the demand is elastic or inelastic. Give reasons:
Matchboxes
Select the commodities from the following which have inelastic demand:
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.
Study the table given below and state whether demand is elastic or inelastic. Give reasons for your answer.
| Price in ₹ | Total outlay ₹ |
| 5 | 25 |
| 3 | 18 |
When is the demand of a commodity said to be inelastic?
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?
Straight line demand curve parallel to Y-axis.
