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प्रश्न
mention any two examples of composite demand.
उत्तर
Two examples of composite demand are as follows:
Milk: Milk is a composite good since it has numerous applications and may be consumed in a variety of forms, including curd, ice cream, shakes, cheese, and so on.
Steel: It is a composite good since it may be used to make bus bodies, room coolers, autos, and other items.
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संबंधित प्रश्न
What will be the effect of 10 percent rise in price of a good on its demand if price elasticity of demand is (a) Zero, (b)-1, (c)-2.
The measure of price elasticity of demand of a normal good carries minus sign while price elasticity of supply carries plus sign. Explain why?
A consumer spends Rs 100 on a good priced at Rs 4 per unit. When its price falls by 25 percent, the consumer spends Rs 75 on the good. Calculate the price elasticity of demand by the Percentage method.
A consumer buys 30 units of a good at a price of the Rs10per unit. The price elasticity of demand for the good is (-) 1. How many units will the consumer buy at a price of Rs 9 per unit? Calculate.
When the price of a good falls from Rs 10 to Rs 8 per unit, its demand rises from 20 units to 24 units. What can you say about price elasticity of demand of the good through the expenditure approach?
Give reasons or explain the following statements
Demand for basic necessities is inelastic.
What do you mean by substitutes? Give examples of two goods which are complements of each other.
Define or explain the following concept:
Cross Elasticity of Demand
Give reason or explain the following statement:
Concept of Elasticity of Demand helps trade union leaders.
What will be the effect on price elasticity of demand, if the time required to find the substitute product is more.
