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
Draw a diagram showing a perfectly elastic demand curve.
With the help of a graph explain a perfectly inelastic demand curve.
Which of the following goods has elastic demand?
With the help of a diagram define perfectly elastic demand.
Mention one example of inelastic demand. Give a reason in support of your answer.
Mention the degree of price elasticity of demand for the following goods:
Air conditioners
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?
When is the demand for a commodity said to be perfectly inelastic?
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 refrigerators
