Advertisements
Advertisements
Question
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
Advertisements
Solution
A refrigerator is not an essential item of consumption for the common man. So, its demand will be relatively elastic.
APPEARS IN
RELATED QUESTIONS
A demand curve which takes the form of a vertical line parallel to the price axis illustrates elasticity, which is ______.
In case of Ed = 0, demand curve is ______.
Demand is inelastic for ______.
For the following list of goods state whether the demand is elastic or inelastic. Give reasons:
Bicycles
For the following list of goods state whether the demand is elastic or inelastic. Give reasons:
Rice in West Bengal
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 |
What is meant by unitary elastic demand?
What is the price elasticity of demand for the following demand curve?
Straight line demand curve parallel to Y-axis.
What is the price elasticity of demand for the following demand curve?
Rectangular hyperbola
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
