Question : The elasticity of demand for price is:
Option 1: Elasticity = Percentage change in demand/Percentage change in time
Option 2: Elasticity = Percentage change in price/Percentage change in demand
Option 3: Elasticity = Percentage change in demand/Percentage change in supply
Option 4: Elasticity = Percentage change in supply/Percentage change in price
New: SSC CHSL tier 1 answer key 2024 out | SSC CHSL 2024 Notification PDF
Recommended: How to crack SSC CHSL | SSC CHSL exam guide
Don't Miss: Month-wise Current Affairs | Upcoming government exams
New: Unlock 10% OFF on PTE Academic. Use Code: 'C360SPL10'
Correct Answer: Elasticity = Percentage change in price / Percentage change in demand
Solution : The correct answer is Elasticity = Percentage change in price/Percentage change in demand .
Price elasticity of demand measures how responsive customer demand is to changes in the product's pricing. It is calculated using the formula: Elasticity = Percentage change in price/Percentage change in demand. Other elasticities measure how the quantity demanded changes with other variables such as consumer income.
Candidates can download this e-book to give a boost to thier preparation.
Result | Eligibility | Application | Admit Card | Answer Key | Preparation Tips | Cutoff
Question : Equilibrium price is the price when :
Question : Cross-demand expresses the functional relationship between
Question : Law of Demand states that there is a negative relationship between ______.
Question : A supply function expresses the relationship between
Question : The elasticity of demand concerning price is
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile