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प्रश्न
From the following 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
उत्तर
Demand for diesel/petrol will be inelastic as its substitutes are not available.
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संबंधित प्रश्न
Explain the Ratio or percentage method of measuring price elasticity of demand.
Complete the correlation:
Ratio method : `"Ed"= (%\Delta"Q")/(%\Delta"P") :: "______" : "Ed" = "Lower segment"/("Upper segment"`
Complete the correlation.
Ratio method : Ed = `(% Delta "Q")/(%Delta"P"):: "______" : Ed = ("Lower segment")/("Upper segment")`
Complete the correlation:
Ratio method : Ed = `(%Δ Q) / (% Δ P)` :: ______ : Ed = `("Lower segment")/("Upper segment")`
Complete the correlation:
Ratio method : Ed = `(%DeltaQ)/(%DeltaP)` :: ______ : Ed : `"Lower segment"/"Upper segment"`
If demand increases by 50% due to an increase in price by 75%, calculate the price elasticity of demand.
Assertion (A): Suppose that a 2 per cent drop in the price of chocolate causes a 2 per cent increase in quantity demanded. This case is termed unit elasticity.
Reason (R): In this example, Ed is exactly 1 (or unity). Ed = `2/2=1`
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 |
How do we determine whether the demand for a particular commodity is elastic or inelastic?
Arrange the following coefficients of price elasticity of demand in ascending order.
−0.87, −0.53, −31 , −0.80
