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
With the help of a graph explain a perfectly inelastic demand curve.
Which is the implication of a horizontal demand curve?
From the following goods, demand for which is inelastic?
A product's demand is ______ when the time period under consideration is longer.
With the help of a diagram define perfectly elastic demand.
Draw a diagram showing elasticity of demand less than one.
For the following list of goods state whether the demand is elastic or inelastic. Give reasons:
Rolex watches
Select the commodities from the following which have inelastic demand:
When is the demand for a commodity said to be perfectly inelastic?
A list of goods is given below. 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
