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प्रश्न
For each of the following, state whether it has inelastic demand or elastic demand:
- Luxury cars
- Life saving drugs
- Salt
- English textbook of class X
उत्तर
Inelastic Demand:
- Life-saving drugs: These are essential for survival, so the demand remains largely unchanged regardless of price changes.
- Salt: Salt is a basic necessity with no close substitutes, so its demand is relatively insensitive to price changes.
- English textbook of class X: As a required educational material, its demand is inelastic because students need it regardless of the price.
Elastic Demand:
- Luxury cars: Luxury cars are non-essential, and demand for them is sensitive to price changes. Consumers are likely to reduce purchases if prices rise or seek alternatives.
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संबंधित प्रश्न
Answer the following question.
Explain the geometric method of calculating the elasticity of supply.
Identify the type of goods having price elasticity of demand greater than 1:
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.
The demand curve is horizontal
What will be the value of price elasticity in this case?
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:
| Column I | Column II |
| A. Goods whose close substitutes are available | (i) Perfectly elastic demand |
| B. Goods whose demand cannot be postponed | (ii) Perfectly inelastic demand |
| C. Goods whose quantity demanded does not respond to price change | (iii) Elastic demand |
| D. Goods which are perfect substitutes | (iv) Inelastic demand |
When is the demand for a commodity said to be perfectly inelastic?
Would the elasticity of demand in the following case be unity, less than unity or greater than unity?
A rise in the price of a commodity reduces the total expenditure.
Indicate the degree of elasticity of demand of the following demand curves.
What is the price elasticity of demand for the following demand curve:
Rectangular hyperbola.
