Advertisements
Advertisements
Question
For the following list of goods state whether the demand is elastic or inelastic. Give reasons:
Rolex watches
Options
Elastic
Inelastic
Advertisements
Solution
Inelastic
Explanation:
Demand is inelastic because the the quantity demanded remains constant in response to changes in the price of the a commodity.
APPEARS IN
RELATED QUESTIONS
A product's demand is ______ when the time period under consideration is longer.
Mention the degree of price elasticity of demand for the following goods:
School uniform
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.
Indicate the degree of elasticity demand of the following demand curves.
How do we determine whether the demand for a particular commodity is elastic or inelastic?
When is the demand for a commodity said to be perfectly inelastic?
The value of price elasticity of demand is 0.8. Is demand elastic or inelastic? Give reason.
What is the price elasticity of demand for the following demand curve?
Straight line demand curve parallel to X-axis.
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
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 personal computers
