Advertisements
Advertisements
Question
The concept of elasticity of demand was introduced by
Options
Ferguson
Keynes
Adam Smith
Marshall
Solution
Marshall
APPEARS IN
RELATED QUESTIONS
Demand for the commodity having multiple uses has elastic demand.
The price elasticity of demand for a good is - 0.4. If its price increases by 5 percent, by what percentage will its demand fall? Calculate.
Price elasticity of demand for the two goods X and Y are zero and (–) 1 respectively. Which of the two is more elastic and why?
The measure of price elasticity of demand of a normal good carries minus sign while price elasticity of supply carries plus sign. Explain why?
A consumer spends Rs 100 on a good priced at Rs 4 per unit. When price rises by 50 percent, the consumer continues to spend Rs 100 on the good. Calculate the price elasticity of demand by percentage method
What do you mean by a normal good?
The demand for salt is ______.
Fill in the blank with appropriate alternatives given below:
Perfectly elastic demand curve is ________________.
State whether the following statement is TRUE and FALSE.
Perfectly inelastic demand curve is parallel to the X axis.
State whether the following statement is TRUE and FALSE.
Total outlay is price multiplied by quantity.
Define or explain the following concept:
Cross Elasticity of Demand
Define price elasticity of demand.
Answer the following question.
If the price of a commodity rises by 40% and its quantity demanded falls from150 units to 120 units, calculate the coefficient of price elasticity of demand for the commodity.
What are the degrees of price elasticity of Demand?
What are the methods of measuring Elasticity of demand?
If a good takes up a significant share of consumers' budget, its demand will be ______.
Elasticity of the demand is available when:
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.
mention any two examples of composite demand.
- Luxuries goods have generally elastic demand.
- Goods whose close substitutes are available have inelastic demand.
