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प्रश्न
What is meant by elastic demand?
When is the demand for a commodity said to be elastic?
उत्तर
When the percentage change in demand is greater than the percentage change in price, demand is known as elastic demand.
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संबंधित प्रश्न
Demand for the commodity having multiple uses has elastic demand.
Explain the factors determining the elasticity of demand.
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?
A consumer buys 18 units of a good at a price of Rs 9 per unit. The price elasticity of demand for the good is (–) 1. How many units the consumer will buy at a price of Rs 10 per unit? Calculate.
As we move along a downward sloping straight line demand curve from left to right, price
an elasticity of demand : (choose the correct alternative)
(a) remains unchanged
(b) goes on falling
(c) goes on rising
(d) falls initially then rises
When the price of good rise from Rs 10 per unit to Rs 12 per unit, its quantity demanded falls by 20 percent. Calculate its price elasticity of demand. How much would be the percentage change in its quantity demanded, if the price rises from Rs 10 per unit to Rs 13 per unit?
Consider the demand curve D(p) = 10 − 3p. What is the elasticity at price `5/3` ?
Give reason or explain the following statement:
Concept of Elasticity of Demand helps trade union leaders.
Give reason or explain the following statement:
Demand for goods having snob appeal has elastic demand.
Give an economic term:
Elasticity resulting from a proportionate change in quantity demanded due to a proportionate change in price.
