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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
Assertion (A): A change in quantity demanded of one commodity due to a change in the price of another commodity is cross elasticity.
Reasoning (R): Changes in consumer income lead to a change in the quantity demanded.
Degree of responsiveness of a change in quantity demanded to a change in the income of the consumer −
Find the odd word
Types of elasticity of demand -
Identify & explain the concept from the given illustration.
At Amulya Café, the demand for tea increased by 5% due to a 10% rise in the price of coffee.
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.
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.
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?
Price elasticity of demand shows:
Given values of price elasticities of demand, less 'elastic' demand is ______.
