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प्रश्न
With the help of a diagram, explain the Relatively elastic demand curve.
उत्तर
Relatively elastic demand curve:
When a price change is small and change in quantity demanded is considerable, it is the situation of relatively elastic demand. The demand of luxuries, e.g., Jewellery is an example of highly elastic demand. Its demand has considerable extension or contraction with relatively minor price changes.
संबंधित प्रश्न
Give economic terms:
Degree of responsiveness of a change of quantity demanded of a good to a change in its price.
Degree of responsiveness of a change in quantity demanded to a change in the income of the consumer −
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.
Define income elasticity of demand.
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 lead to a change in the quantity demanded.
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.
Explain any three types of price elasticity of demand with the help of diagrams.
If prices of salt and coffee increase by the same proportion, will their quantity demanded behave in the same manner? Explain by giving reasons.
With the help of a diagram, explain the Unitary elastic demand curve.
What will be the effect of 10 percent rise in price of a good on its demand if price elasticity of demand is −2?
