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Define price elasticity of demand....

Define price elasticity of demand.

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The degree of responsiveness of quantity demanded to changes in price of commodity is known as price elasticity of demand.
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When the price of a commodity is ₹ 20 per unit, its quantity demanded units. When its price rises by ₹ 5 per unit, its quantity demanded falls by 20 per cent. Calculate its price elasticity of demand. Is its demand elastic? Give reasons for answer.

The qunantity demanded of a commodity at a price of ₹ 8 per unit is 600 units. Its price falls by 25 per cent and the quantity demanded rises by 120 units. Calculate the price elasticity of demand . Is its demand elastic ? Give reason for your answer.

the price of a commondity is ₹ 12 per unit and its quantity demanded is 500 units. When price rises by ₹ 3 per unit, its quantity demanded falls by 150 units. Calculate its price elasticity of demand. Is demand elastic ?

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FULL MARKS-ELASTICITY OF DEMAND -NCERT TEXTBOOK QUESTIONS SOLVED
  1. Suppose the price elasticity of demand for a good is -0.2. How will th...

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  2. Suppose, there was 4% decrease in the price of a good and as a result,...

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  3. Define price elasticity of demand.

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  4. Why is price elasticity of demand has negative sign always ?

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  5. Given the formula for measuring price elasticity of demand according t...

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  6. Give the formula for measuring price elasticity of demand according to...

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  7. Define perfectly inelastic demand.

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  8. Define perfectly elastic demand.

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  9. Demand for product X is perfectly elastic. What will be the change in ...

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  10. If ED lt 1, in which portion the point would be located on a straight ...

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  11. When is the demand of a commodity said to be inelastic ?

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  12. If price elasticity of demand for a product is equal to one, what will...

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  13. A rise in the price of a good results in an increase in expenditure on...

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  14. If two demand curves intesect, which one has the higher price elastici...

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  15. What happens to total expenditure on a commodity when its price falls ...

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  16. A poor household with no or very little income remains underfed. If th...

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  17. How will a rich household's demand for low - quality rice respond to a...

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  18. In case of a straight line demand curve meeting the two axes, the pric...

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  19. Identify the factor which generally keeps the price elasticity of dema...

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  20. Identify the coefficient of price elasticity of demand when the percen...

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