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प्रश्न
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 precious stones and costly jewellery
उत्तर
Their demand is inelastic. Costly diamonds and jewellery are demanded by very rich persons who do not bother price change much.
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संबंधित प्रश्न
Analyse the given graphs and identify the type of elasticity of demand of:
- Picture 1
- Picture 2
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| Price in ₹ | Total outlay ₹ |
| 5 | 25 |
| 3 | 18 |
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