Ask a Doubt
Request a call back

Join NOW to get access to exclusive study material for best results

CBSE Class 12-commerce Answered

What is price elasticity of demand?
Asked by Topperlearning User | 25 Apr, 2016, 09:33: AM
answered-by-expert Expert Answer

Price elasticity of demand measures the responsiveness of quantity demanded for any good because of one percent change in the price of that good. Thus, the percentage method of calculating the price elasticity of demand for a good is as follows:

ep = Percentage change in the demand for the good/Percentage change in the price of the good

Answered by | 25 Apr, 2016, 11:33: AM
Multiple Choice Questions Practice Test
Answered Unanswered My Questions My Answers
CBSE 12-commerce - Microeconomics
What is market demand?
Asked by Topperlearning User | 25 Apr, 2016, 09:33: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 12-commerce - Microeconomics
In a market, there are 20 consumers of a good and the demand of each individual consumer is similar as given below: Price Demand of each consumer 10 18 8 20 4 24 2 28   Calculate the market demand for the good.
Asked by Topperlearning User | 25 Apr, 2016, 09:33: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 12-commerce - Microeconomics
Calculate an imaginary demand schedule for an individual consumer which is paradoxical to the law of demand.
Asked by Topperlearning User | 25 Apr, 2016, 09:33: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 12-commerce - Microeconomics
What is price elasticity of demand?
Asked by Topperlearning User | 25 Apr, 2016, 09:33: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 12-commerce - Microeconomics
Explain the price elasticity of demand.
Asked by Topperlearning User | 25 Apr, 2016, 10:00: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 12-commerce - Microeconomics
What are the factors determining the price elasticity of demand for a good?
Asked by Topperlearning User | 25 Apr, 2016, 09:33: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 12-commerce - Microeconomics
Explain the geometric method of measuring the elasticity of demand.
Asked by Topperlearning User | 25 Apr, 2016, 09:33: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 12-commerce - Microeconomics
Look at the demand curve of a good which is a straight line sloping downward. State whether the elasticity of demand is zero when the price is zero.  
Asked by Topperlearning User | 25 Apr, 2016, 09:33: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 12-commerce - Microeconomics
What is constant elasticity of demand?
Asked by Topperlearning User | 25 Apr, 2016, 09:33: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
CBSE 12-commerce - Microeconomics
What is total expenditure method? Explain the three possible situations in the total expenditure method.
Asked by Topperlearning User | 25 Apr, 2016, 09:43: AM
ANSWERED BY EXPERT ANSWERED BY EXPERT
My Class Videos Tests ₹ Plans Ask a Doubt
Get Latest Study Material for Academic year 24-25 Click here
×