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प्रश्न
Compare inelastic demand with perfectly inelastic demand.
उत्तर
| Inelastic demand | Perfectly inelastic demand |
| When a large change in the price does not bring so much change in the demand, the demand is said to be inelastic. | When quantity demanded does not change at all as a result of change in price of the commodity, demand of that commodity is said to be perfectly inelastic. |
| The slope of the inelastic demand curve is steep. | The demand curve is parallel to Y-axis. |
| Elasticity of demand is less than one. | Elasticity of demand is zero. |
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संबंधित प्रश्न
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The quantity of a commodity that a consumer is willing to buy and is able to afford, given the prices of goods and the consumer's tastes and preferences is called demand for the commodity. Whenever one or more of these variables change, the quantity of the good Chosen by the consumer is likely to change as well. The relation between the consumer's optimal choice of the quantity of a good and its price is very important and this relation is called the demand function. Thus, the consumer's demand function for a good gives the amount of the good that the consumer chooses at different levels of its price when the other things remain.
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