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प्रश्न
From the following state whether the price elasticity of demand is inelastic, relatively elastic, highly elastic or highly inelastic. Give reasons to support your answer.
Demand for precious stones and costly jewellery
उत्तर
Their demand is inelastic. Costly diamonds and jewellery are demanded by very rich persons who do not bother price change much.
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संबंधित प्रश्न
Find the odd word
Method of measuring price elasticity of demand -
Complete the correlation:
Ratio method: Ed = `(%\Delta"Q")/(%\Delta"P")`:: ______ : Ed = `("Lower segment")/("Upper segment")`
Complete the correlation:
Ratio method : Ed = `(%ΔQ)/(%ΔP)` :: ______ : Ed = `"Lower segment"/"Upper segment"`
Which of the following goods have inelastic demand?
The coefficient of price elasticity of a good is 0.8, its demand will said to be ______.
As a result of a 5% increase in price, the demand for commodity X increases by 12%. The price elasticity of demand will be ______.
The price of a commodity goes up from ₹ 26 to ₹ 30 as a result of which demand falls from 4 units to 2 units, the price elasticity of demand is ______.
Assertion (A): Suppose that a 2 per cent drop in the price of chocolate causes a 2 per cent increase in quantity demanded. This case is termed unit elasticity.
Reason (R): In this example, Ed is exactly 1 (or unity). Ed = `2/2=1`
Study the table given below and state whether demand is elastic or inelastic. Give reasons for your answer.
| Price in (₹) | Total outlay (₹) |
| 5 | 25 |
| 3 | 18 |
Study the statement given below and state whether demand will be elastic or inelastic, citing reasons for your answer.
Demand for cigarettes by a habitual smoker.
