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Mention the Degree of Price Elasticity of Demand for the Following Goods: (1) Cosmetics (2) Medicine (3) School Uniform (4) Air Conditioners - ICSE Class 10 - Economics

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Question

Mention the degree of price elasticity of demand for the following goods:

(1) cosmetics

(2) medicine

(3) school uniform

(4) air conditioners

Solution

The degree of price elasticity of demand:
1. Cosmetics: Relatively elastic demand
2. Medicine: Perfectly inelastic demand
3. School uniform: Relatively inelastic demand
4. Air conditioners: Relatively elastic demand

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APPEARS IN

 2015-2016 (March) (with solutions)
Question 2.3 | 2.00 marks
Solution Mention the Degree of Price Elasticity of Demand for the Following Goods: (1) Cosmetics (2) Medicine (3) School Uniform (4) Air Conditioners Concept: Elasticity of Demand and Elasticity of Supply.
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