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प्रश्न
Price elasticity of demand of goods X is -2 and goods Y is -3. Which of the two goods is more price elastic and why?
उत्तर
According to the inverse relationship between price and quantity demanded, the elasticity of demand is negative. Here, the elasticity of demand for Good Y is −3 and Good X is −2. However, we will not consider the negative sign. Arithmetically, −2 is more than −3, but the elasticity of demand states that −3 is more elastic than −2. Therefore, the demand for Good Y is more elastic than Good X.
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संबंधित प्रश्न
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Perfectly elastic demand curve is ________________.
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Demand for luxuries is elastic.
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(i) Greater than one
(ii) Less than one
(iii) Unity
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Elasticity resulting from a proportionate change in quantity demanded due to a proportionate change in price.
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Reason (R): The coefficient of Elasticity ranges between 0 and 1.
Identify the correctly matched pair from the items in Column A by matching them to the items in Column B:
| Column A | Column B | ||
| 1 | Relatively Inelastic Demand | (a) | ed > 1 |
| 2 | Relatively Elastic Demand | (b) | ed < 1 |
| 3 | Perfectly Inelastic Demand | (c) | ed = 0 |
| 4 | Perfectly Elastic Demand | (d) | ed = 1 |
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