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Published on: 27/08/2019
Elasticity of Demand
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Questions + Answers key
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1.
Define perfectly elastic demand
2.
Define perfectly inelastic demand.
3.
Give the formula for measuring price elasticity of demand according to percentage method.
4.
Why is price elasticity of demand has negative sign always?
5.
Define price elasticity of demand.
6.
The price elasticity of demand is defined as the responsiveness of:
price to a change in quantity demanded.
quantity demanded to a change in price
price to a change in income.
quantity demanded to a change in income
7.
The price elasticity of demand for hamburger is
the change in the quantity demanded of hamburger when the hamburger increases by 30 paise per rupee
the percentage increase in the quantity demanded of hamburger when the price of hamburger falls by 1 percent per rupee.
the increase in the demand for hamburger when the price of hamburger falls by 10 percent per rupee.
the decrease in the quantity demanded of hamburger when the price of hamburger falls.by 1 percent per rupee
8.
Identify the coefficient of price elasticity of demand when the percentage increase in the quantity of good demanded is smaller than the percentage fall in its price
Equal to one.
Greater than one.
Smaller than one
Zero
9.
Identify the factor which generally keeps the price elasticity of demand for a good low
Variety of uses for that good
Its low price
Close substitutes for that good
High proportion of the consumer's income spent on it
10.
In case of a straight line demand curve meeting the two axes, the price elasticity of demand at the midpoint of the line would be:
0
1
1.5
2
11.
When price and demand fall in equal proportion, elasticity of demand is unity.
12.
When demand curve is Rectangular hyperbola, ED > 1.
13.
If percentage change in demand is greater than percentage change in price, it will be less elastic.
14.
On a demand curve where it touches X-axis elasticity of demand is Infinity?
15.
Price elasticity of demand explains qualitative relationship between price and demand.
1.
( )
If quantity demand changes and price remains constant, ed = \(\infty\) and the result is known as perfectly elastic demand.
2.
( )
If price changes, and quantity demand remains constant, ed = 0 and the result is known as perfectly inelastic demand.
3.
( )
Elasticity of demand (ED) =\({Percentage \ change \ in \ quantity \ Demanded \over percentage \ change \ in \ Price}\)
4.
( )
Price elasticity of demand is generally negative because of the inverse relationship between price and quantity demanded.
5.
( )
The degree of responsiveness of quantity demanded to changes in price of the commodity is known as price elasticity of demand.
6.
(b)
quantity demanded to a change in price
7.
(b)
the percentage increase in the quantity demanded of hamburger when the price of hamburger falls by 1 percent per rupee.
8.
(c)
Smaller than one
9.
(b)
Its low price
10.
(b)
1
11.
(b)
12.
(b)
13.
(b)
14.
(b)
15.
(b)
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