Advertisements
Advertisements
Question
From the following state whether the price elasticity of demand is inelastic, relatively elastic, highly elastic or highly inelastic. Give reasons to support your answer.
Demand for precious stones and costly jewellery
One Line Answer
Advertisements
Solution
Their demand is inelastic. Costly diamonds and jewellery are demanded by very rich persons who do not bother price change much.
shaalaa.com
Is there an error in this question or solution?
