Advertisements
Advertisements
Question
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 diesel and petrol
Solution
Demand for diesel/petrol will be inelastic as its substitutes are not available.
APPEARS IN
RELATED QUESTIONS
Identify elastic demand when value of Ed is ______.
With the help of a diagram define perfectly elastic demand.
For the following list of goods state whether the demand is elastic or inelastic. Give reasons:
Rolex watches
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 |
Indicate the degree of elasticity demand of the following demand curves.
When is the demand of a commodity said to be inelastic?
What is the price elasticity of demand for the following demand curve?
Straight line demand curve parallel to Y-axis.
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 school uniform
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 personal computers
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
