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प्रश्न
With the help of a diagram, explain the Relatively inelastic demand curve.
उत्तर
Relatively inelastic demand curve:
When a substantial change in prices has little effect on extension or contraction in quantity demanded of the commodity, the demand is known as relatively inelastic demand. The demands of salt, shoes, needles, etc., belong to this class.
संबंधित प्रश्न
Give economic terms:
Degree of responsiveness of a change in quantity demanded of one commodity due to a change in the price of another commodity.
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.
Statements that are related to cross elasticity of demand:
- Change in quantity demanded of one commodity due to a change in the price of other commodity
- It is a type of elasticity of demand.
- It is applicable to complementary goods and substitutes.
- It is expressed as Ey = % ΔQ / %ΔY
Find the odd word
Types of elasticity of demand -
Explain the types of elasticity of demand
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.
If prices of salt and coffee increase by the same proportion, will their quantity demanded behave in the same manner? Explain by giving reasons.
How is the price elasticity of demand of a commodity is affected by the number of its substitutes.
Given values of price elasticities of demand, less 'elastic' demand is ______.
