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# Micheal Vaz solutions for Economics HSC 12th Standard Maharashtra State Board chapter 4 - Elasticity of Demand [Latest edition]

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#### Chapters ## Chapter 4: Elasticity of Demand

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### Micheal Vaz solutions for Economics HSC 12th Standard Maharashtra State Board Chapter 4 Elasticity of Demand Exercise [Pages 31 - 32]

Q 1.1 | Page 31

Fill in the blank with appropriate alternatives given below:

The demand for salt is _______________.

• elasticity

• inelastic

• infinite elastic

• unitary elastic

Exercise | Q 1.2 | Page 31

Fill in the blank with appropriate alternatives given below:

Income elasticity of demand for inferior goods is __________.

• positive

• negative

• zero

• greater than one

Exercise | Q 1.3 | Page 31

Fill in the blank with appropriate alternatives given below:

Perfectly elastic demand curve is ________________.

• horizontal to OX axis

• horizontal to OY axis

• flatter

• steeper

Exercise | Q 1.4 | Page 31

Fill in the blank with appropriate alternatives given below:

Cross elasticity of demand is applicable to ____________ goods.

• unrelated

• substitute

• inferior

• natural

Exercise | Q 1.5 | Page 31

Fill in the blank with appropriate alternatives given below:

The slope of demand curve is _______________ in case of inelastic demand.

• flatter

• steeper

• horizontal

• vertical

Exercise | Q 2 | Page 31

Match the following:

 Group A Group B 1. Cars and petrol a. Elastic demand 2. Point method b. Complementary 3. Necessary goods c. Geometric method d. Inelastic demand
Exercise | Q 3.1 | Page 31

State whether the following statement is TRUE and FALSE.

Demand for luxuries is elastic.

Exercise | Q 3.2 | Page 31

State whether the following statement is TRUE and FALSE.

Perfectly inelastic demand curve is parallel to the X axis.

Exercise | Q 3.3 | Page 31

State whether the following statement is TRUE and FALSE.

Total outlay is price multiplied by quantity.

Exercise | Q 3.4 | Page 31

State whether the following statement is TRUE and FALSE.

Unitary Elastic Demand rarely occurs in practice.

Exercise | Q 3.5 | Page 31

State whether the following statement is TRUE and FALSE.

Concept of Elasticity of Demand is useful for finance minister.

Exercise | Q 13 | Page 32

What are the types of Price Elasticity of Demand?

### Micheal Vaz solutions for Economics HSC 12th Standard Maharashtra State Board Chapter 4 Elasticity of Demand Exercise [Pages 31 - 313]

Exercise | Q 1.1 | Page 31

Define or explain the following concept:

Cross Elasticity of Demand

Exercise | Q 1.2 | Page 31

Define or explain the following concept:

Unitary Elastic Demand

Exercise | Q 1.3 | Page 31

Define or explain the following concept:

Income Elasticity of Demand

Exercise | Q 1.4 | Page 31

Define or explain the following concept:

Elastic Demand

Exercise | Q 2.1 | Page 31

Give reason or explain the following statement:

Demand for necessaries is inelastic.

Exercise | Q 2.2 | Page 313

Give reason or explain the following statement:

Demand for habitual goods is inelastic.

Exercise | Q 2.3 | Page 131

Give reason or explain the following statement:

Exercise | Q 2.4 | Page 31

Give reason or explain the following statement:

Demand for commodity having multiple uses has elastic demand.

Exercise | Q 2.5 | Page 31

Give reason or explain the following statement:

Demand for goods having snob appeal has elastic demand.

### Micheal Vaz solutions for Economics HSC 12th Standard Maharashtra State Board Chapter 4 Elasticity of Demand Exercise [Page 32]

Exercise | Q 1.1 | Page 32

Distinguish between:

Perfectly elastic demand and perfectly inelastic demand.

Exercise | Q 1.2 | Page 32

Distinguish between:

Relatively elastic demand and relatively inelastic demand.

Exercise | Q 2.1 | Page 32

Write short note on:

Geometric method

Exercise | Q 2.2 | Page 32

Write short note on:

Ratio method

### Micheal Vaz solutions for Economics HSC 12th Standard Maharashtra State Board Chapter 4 Elasticity of Demand Exercise [Page 32]

Exercise | Q 1 | Page 32

Explain the concept of Elasticity of Demand

Exercise | Q 2 | Page 32

Explain the importance of concept of Elasticity of Demand for international trade.

### Micheal Vaz solutions for Economics HSC 12th Standard Maharashtra State Board Chapter 4 Elasticity of Demand Exercise [Page 32]

Exercise | Q 1 | Page 32

State with reason whether you agree or disagree with the following statement.

Various factors influence Elasticity of Demand

Exercise | Q 2 | Page 32

State with reason whether you agree or disagree with the following statement.

Total outlay method is one of the methods of measuring Elasticity of Demand.

### Micheal Vaz solutions for Economics HSC 12th Standard Maharashtra State Board Chapter 4 Elasticity of Demand Exercise [Page 32]

Exercise | Q 1 | Page 32

Explain Ratio method and Geometric method of measuring Elasticity of Demand.

Exercise | Q 2 | Page 32

What are the types of Price Elasticity of Demand?

## Chapter 4: Elasticity of Demand

OthersExercise ## Micheal Vaz solutions for Economics HSC 12th Standard Maharashtra State Board chapter 4 - Elasticity of Demand

Micheal Vaz solutions for Economics HSC 12th Standard Maharashtra State Board chapter 4 (Elasticity of Demand) include all questions with solution and detail explanation. This will clear students doubts about any question and improve application skills while preparing for board exams. The detailed, step-by-step solutions will help you understand the concepts better and clear your confusions, if any. Shaalaa.com has the Maharashtra State Board Economics HSC 12th Standard Maharashtra State Board solutions in a manner that help students grasp basic concepts better and faster.

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Concepts covered in Economics HSC 12th Standard Maharashtra State Board chapter 4 Elasticity of Demand are Demand, Demand Curve and Its Slope, Change in Demand, Type of Elasticity of Demand, Elasticity of Demand, Measurement of Elasticity of Demand, Types of Demand, Factors of Demand, Factors Affecting Price Elasticity of Demand, Importance of Price Elasticity of Demand.

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