Advertisements
Advertisements
Question
The value of price elasticity of demand is 0.8. Is demand elastic or inelastic? Give reason.
Advertisements
Solution
Inelastic because the value of Ed is less than one (Ed < 1)
APPEARS IN
RELATED QUESTIONS
Identify elastic demand when value of Ed is ______.
In case of Ed = 0, demand curve is ______.
When despite of no change in the price of the good, its quantity demanded increases from 10 units to 15 units, then coefficient of price elasticity will be ______.
What is unitary elastic demand? Draw a diagram to illustrate it.
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.
Explain the different types of price elasticity of demand.
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 school uniform
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 refrigerators
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 cigar by a chain smoker
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 diesel and petrol
