Elasticity of Demand — Important Questions
ICSE · Class 10 · Economic Application
57 important questions from Elasticity of Demand for ICSE Class 10 Economic Application, with answers. Written for the board exams 2027.
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Important Questions from Elasticity of Demand
If Ed is 1, demand is called unit elastic.
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True
When the value of Ed is 1, demand is said to be unit elastic.
Which of these is an example of elastic demand?
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Coca-Cola
Coca-Cola has elastic demand because close substitutes like Pepsi and Thums Up are available at competitive prices.
Salt has inelastic demand because it has no close substitutes.
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True
Salt is considered a necessity and has no close substitutes, so its demand is inelastic.
Which method uses the formula Ed = lower part / upper part of the demand curve?
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Geometrical method
The geometrical or point method measures elasticity as the lower segment divided by the upper segment of the demand curve.
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