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प्रश्न
How do we determine whether the demand for a particular commodity is elastic or inelastic?
उत्तर
The commodity is said to be perfectly elastic when:
Perfectly elastic: Demand is said to be completely elastic when a little change in price causes an indefinitely large change in the amount required of a good. A minor increase in the seller's price will reduce the demand for the commodity to zero, whereas a slight decrease in the price will result in such a large increase in demand for products that no single seller will be able to meet the demand at the decreased price. In such cases, the demand curve is a straight line parallel to the X-axis.
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संबंधित प्रश्न
With the help of a graph explain the relatively inelastic demand for a commodity.
Analyse the given graphs and identify the type of elasticity of demand of:
- Picture 1
- Picture 2
Identify elastic demand when value of Ed is ______.
Which of the following goods has elastic demand?
For the following list of goods state whether the demand is elastic or inelastic. Give reasons:
Bicycles
Mention the degree of price elasticity of demand for the following goods:
Cosmetics
When is the demand for a commodity said to be perfectly inelastic?
A perfectly elastic demand curve is parallel to the X-axis. Why or why not?
A list of goods is given below. state whether the price elasticity of demand is inelastic, relatively elastic, highly elastic or highly inelastic. Give reasons to support your answer.
demand for refrigerators
A list of goods is given below. 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
