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![SCERT Maharashtra solutions for Economics [English] 12 Standard HSC chapter 3.2 - Elasticity of Demand - Shaalaa.com](/images/economics-english-12-standard-hsc_6:5f2b1b2038084cf381bfa42c826a928c.jpg "SCERT Maharashtra solutions for Economics [English] 12 Standard HSC chapter 3.2 - Elasticity of Demand")
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Solutions for Chapter 3.2: Elasticity of Demand
Below listed, you can find solutions for Chapter 3.2 of Maharashtra State Board SCERT Maharashtra for Economics [English] 12 Standard HSC.
SCERT Maharashtra solutions for Economics [English] 12 Standard HSC 3.2 Elasticity of Demand Choose the correct option
Choose the correct option
Statements that are incorrect in relation to perfectly inelastic demand:
- Percentage change in price has no effect on quantity demanded
- Co-efficient of elasticity is equal to 1 (ed=1).
- Demand curve is a horizontal line parallel to X axis.
- It is a type of price elasticity of demand.
a, b, c, d
a, b, c
b, c
a, b
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
a, b, c, d
a, b, c
only b
a, b
SCERT Maharashtra solutions for Economics [English] 12 Standard HSC 3.2 Elasticity of Demand Complete the correlation
Complete the correlation
Relatively elastic demand : Ed > 1 :: Relatively inelastic demand : ______.
SCERT Maharashtra solutions for Economics [English] 12 Standard HSC 3.2 Elasticity of Demand Give economic terms
Give economic terms
Degree of responsiveness of a change in quantity demanded to a change in the income of the consumer −
Infinite change in the quantity demanded of a commodity taking place due to slight or zero change in the price −
SCERT Maharashtra solutions for Economics [English] 12 Standard HSC 3.2 Elasticity of Demand Find the odd word
Find the odd word
Types of elasticity of demand -
Unitary elasticity
Income elasticity
Cross elasticity
Price elasticity
Find the odd word
Method of measuring price elasticity of demand -
Ratio method
Total outlay method
Income method
Geometric method
SCERT Maharashtra solutions for Economics [English] 12 Standard HSC 3.2 Elasticity of Demand Complete the following statements
Complete the following statements
Demand curve is parallel to 'Y' axis in case of ______.
perfectly elastic demand
perfectly inelastic demand
relatively elastic demand
relatively inelastic demand
Ed = 0 in case of ______.
luxuries
normal goods
necessities
comforts
SCERT Maharashtra solutions for Economics [English] 12 Standard HSC 3.2 Elasticity of Demand Assertion and Reasoning type questions
Assertion and Reasoning type questions
Assertion (A): The slope of demand curve is a rectangular hyperbola in case of unitary elastic demand.
Reasoning (R): In unitary elastic demand, percentage change in price leads to more than proportionate change in quantity demanded.
(A) is True but (R) is False.
(A) is False but (R) is True.
Both (A) and (R) are True and (R) is the correct explanation of (A).
Both (A) and (R) are True and (R) is not the correct explanation of (A).
Assertion (A): Total expenditure method measures elasticity of demand at a given point on the demand curve.
Reasoning (R): Total expenditure refers to the product of price and quantity demanded.
(1) (A) is True but (R) is False.
(A) is False but (R) is True.
Both (A) and (R) are True and (R) is the correct explanation of (A).
Both (A) and (R) are True and (R) is not the correct explanation of (A).
SCERT Maharashtra solutions for Economics [English] 12 Standard HSC 3.2 Elasticity of Demand Identify & explain the concepts from the given illustrations
Identify & explain the concept from the given illustration
Kiran’s demand for milk remained unchanged even when its price increased by 10%.
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.
SCERT Maharashtra solutions for Economics [English] 12 Standard HSC 3.2 Elasticity of Demand Distinguish Between
Distinguish Between
Price elasticity of demand and Income elasticity of demand
Distinguish between perfectly elastic demand and perfectly inelastic demand.
SCERT Maharashtra solutions for Economics [English] 12 Standard HSC 3.2 Elasticity of Demand Answer the following
Answer the following
Explain the types of elasticity of demand
SCERT Maharashtra solutions for Economics [English] 12 Standard HSC 3.2 Elasticity of Demand DIAGRAMS
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Questions:
- Identify the types of price elasticity of demand from above diagram. (2m)
- Write slope of demand curve in above diagrams. (2m)
- Which method of measuring elasticity is used in above diagram? (1m)
- Mention the type of elasticity at point ‘C’? (1m)
- Find out the elasticity at point ‘D’ by applying formula (2m)
SCERT Maharashtra solutions for Economics [English] 12 Standard HSC 3.2 Elasticity of Demand Answer in detail
Answer in detail
Explain the types of price elasticity of demand.
Explain the Total expenditure method and Geometric method of measuring price elasticity of demand.
Solutions for 3.2: Elasticity of Demand
SCERT Maharashtra solutions for Economics [English] 12 Standard HSC chapter 3.2 - Elasticity of Demand
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Concepts covered in Economics [English] 12 Standard HSC chapter 3.2 Elasticity of Demand are Elasticity of Demand, Types of Elasticity of Demand, Types of Price Elasticity of Demand, Methods of Measuring Price Elasticity of Demand, Factors Influencing the Elasticity of Demand, Importance of Elasticity of Demand, Importance of Price Elasticity of Demand.
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