Advertisements
Advertisements
प्रश्न
What is price elasticity of demand for life saving drugs?
उत्तर
Life saving drugs are necessities. There can be no change in the quantity demanded due to change in their price. That is, Ed = 0. Life saving drugs have a perfectly inelastic demand.
APPEARS IN
संबंधित प्रश्न
Define the form of market which has a perfectly elastic demand curve.
Assertion (A): The recent war in Israel will impact key imports to India, which include rough cut and polished diamonds.
Reasoning (R): Diamonds are luxury goods having relatively elastic demand.
If elasticity of demand for salt is zero, and household demands 2 kg. of salt during one month when its price is ₹ 5 per kg., this household will demand the same quantity of salt even if price rises to ₹ 8 per kg.
Match the following and select the correct option.
Column I | Column II | ||
(i) | Perfectly elastic demand | A. | Ed = 0 |
(ii) | Perfectly inelastic demand | B. | Ed = ∞ |
(iii) | Relatively elastic demand | C. | Ed < 1 |
(iv) | Relatively inelastic demand | D. | Ed > 1 |
Would the elasticity of demand in the following case be unity, less than unity or greater than unity?
A fall in the price of commodity, the total expenditure remains the same.
Indicate the degree of elasticity of demand of the following demand curves.
When is the demand of a commodity said to be inelastic?
Why is market demand curve more elastic than an individual demand curve?
Explain the different types of price elasticity of demand.
What is the price elasticity of demand for the following demand curve:
Rectangular hyperbola.