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प्रश्न
When is the demand for a good said to be elastic?
विकल्प
When % change in demand is less than % change in price
When % change in demand is greater than % change in price
When absolute change in demand is greater than absolute change in price
None of these
उत्तर
When % change in demand is greater than % change in price
APPEARS IN
संबंधित प्रश्न
Income elasticity of demand for inferior goods is negative.
Income elasticity of demand for inferior goods is negative.
Explain the factors determining the elasticity of demand.
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.
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.
State whether the following statement is TRUE and FALSE.
Concept of Elasticity of Demand is useful for finance minister.
Answer the following question.
When the price of X doubles, its quantity demanded falls by 60 percent. Calculate its price elasticity of demand. What should be the percentage change in price so that its quantity demanded doubles?
The concept of elasticity of demand was introduced by
Assertion (A) : A change in quantity demanded of one commodity due to a change in the price of other commodity is cross elasticity.
Reasoning (R) : Changes in consumers income leads to a change in the quantity demanded.
