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Question
What will be the effect of 10 percent rise in price of a good on its demand if price elasticity of demand is −1?
Solution
10 percent fall in demand
RELATED QUESTIONS
Give economic term:
Degree of responsiveness of quantity demanded to change in income only.
Degree of responsiveness of a change in quantity demanded to a change in the income of the consumer −
Distinguish Between
Price elasticity of demand and Income 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.
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 lead 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.
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.
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.
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.
Price elasticity of demand measures ______.
If commodity X and Y are complementary goods , what will be the cross elasticity of demand?
Explain any three types of price elasticity of demand with the help of diagrams.
With the help of a diagram, explain the Unitary elastic demand curve.
Why is price elasticity of demand negative?
What will be the effect of 10 percent rise in price of a good on its demand if price elasticity of demand is zero?
Given values of price elasticities of demand, less 'elastic' demand is ______.
