Advertisements
Advertisements
Question
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 |
Advertisements
Solution
The demand is relatively inelastic because the total outlay varies directly with the price of a good.
APPEARS IN
RELATED QUESTIONS
Under what conditions does the supply of good exhibit unitary elasticity?
With the help of a graph explain a perfectly inelastic demand curve.
Identify elastic demand when value of Ed is ______.
Mention the degree of price elasticity of demand for the following goods:
School uniform
Study the statement given below and state whether demand will be elastic or inelastic, citing reasons for your answer.
Demand for cigarettes by a habitual smoker.
Study the statement given below and state whether demand will be elastic or inelastic, citing reasons for your answer.
A consumer postpones the purchase of a refrigerator till the off-season sale.
Indicate the degree of elasticity demand of the following demand curves.

What is price elasticity of demand for life saving drugs?
The value of price elasticity of demand is 0.8. Is demand elastic or inelastic? Give reason.
State whether the price elasticity of demand is inelastic, relatively elastic, highly elastic or highly inelastic. Give reasons to support your answer.
demand for electricity
