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Question
Study the statement given below and state whether demand will be elastic or inelastic, citing reasons for your answer.
A consumer postpones the purchase of a refrigerator till the off-season sale.
Solution
Elastic, because consumer does not need refrigerator immediately.
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RELATED QUESTIONS
The price elasticity of demand on a linear demand curve at the X-axis is ______.
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Assertion (A): Total expenditure method measures elasticity of demand at a given point on the demand curve.
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Ratio method: Ed = `(%Delta"Q") /(%Delta"UP")`:: ______: Ed = `("Lower segment")/ ("Upper segment")`
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demand for refrigerators
