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Question
Give an economic term:
Elasticity resulting from a proportionate change in quantity demanded due to a proportionate change in price.
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Solution
Unitary elastic demand
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The concept of elasticity of demand is useful in economic theory.
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The demand of foodgrains is inelastic.
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Demand elasticity can be measured from demand curve by ___________ method.
What do you mean by a normal good?
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Fill in the blank with appropriate alternatives given below:
Income elasticity of demand for inferior goods is __________.
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Cross elasticity of demand is applicable to ____________ goods.
Fill in the blank with appropriate alternatives given below:
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Define the following concept:
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Define or explain the following concept:
Unitary Elastic Demand
Define or explain the following concept:
Income Elasticity of Demand
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Demand for habitual goods is inelastic.
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Elasticity resulting from infinite change in quantity demanded.
The concept of elasticity of demand was introduced by
Elasticity of demand is equal to one indicates
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Elasticity of the demand is available when:
Identify the correctly matched pair from the items in Column A by matching them to the items in Column B:
| Column A | Column B | ||
| 1 | Relatively Inelastic Demand | (a) | ed > 1 |
| 2 | Relatively Elastic Demand | (b) | ed < 1 |
| 3 | Perfectly Inelastic Demand | (c) | ed = 0 |
| 4 | Perfectly Elastic Demand | (d) | ed = 1 |
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Study the following table and answer the questions:
| Price of Pen (₹) | Demand for Pen |
| 10 | 500 |
| `square` | 400 |
| 30 | `square` |
| `square` | 200 |
| 50 | `square` |
Questions:
- Complete the above table.
- Which type of relationship is found between the price of a pen and demand for the pen?
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Reasoning (R) : Changes in consumers income leads to a change in the quantity demanded.
mention any two examples of composite demand.
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What does elasticity of demand measure?
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Which statement about the law of demand and elasticity of demand is true?
