Advertisements
Advertisements
प्रश्न
When price of a commodity falls by Rs 1 per unit, its quantity demanded rises by 3 units. Its price elasticity of demand is (−) 2. Calculate its quantity demanded if the price before the change was Rs 10 per unit.
उत्तर
Initial Price (P)=Rs 10
Initial Qunatity (q)=x
`ΔP=-1`
`Δq=3`
`E_d=(-)2`
`E_d= (Δq)/(Δp)xxp/q`
`Or,-2=3/-1xx10/x`
Or,x=15 `"units(Initial Quantity Demanded)"`
APPEARS IN
संबंधित प्रश्न
Explain any two factors that affect the price elasticity of demand. Give suitable examples.
Explain the effect of the following on the price elasticity of demand of a commodity:
(i) Number of substitutes
(ii) Nature of the commodity
State whether the following statement is true or false :
Concept of ‘elasticity of demand’ is useful for the finance minister.
Define or explain the following concepts (Any THREE):
Stock
Choose the correct answer :
Perfectly elastic demand curve is _________.
Choose the correct answer :
Demand of labour is _______
State whether the following statements are TRUE or FALSE :
The demand of foodgrains is inelastic.
State whether demand will be Elastic or Inelastic. Give reasons for your answer.
A consumer prefers to postpone the purchase of a car to avail more of year ending discount.
Elasticity of demand for two goods A and B is -2 and -3 respectively. Then good A has higher elasticity.
The price of Y falls from ₹ 8 to ₹ 6. The quantity demanded increases from 100 units to 125 units. The price electricity of demand will be ______.
Which of the following is the most likely reason for the relatively high elasticity of bottled water?
How does the availability of substitutes of a commodity affect its price elasticity of demand?
Comment upon the shape of the demand curve, if Ed = 0.
State 3 factors which affect price elasticity of demand.
Discuss any three/ four factors determining price elasticity of demand.
How does the nature of a commodity affect its price elasticity of demand?
