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Elasticity of Demand

ICSE · Class 10 · Economic Application

Quick revision notes for Elasticity of Demand — ICSE Class 10 Economic Application. Key concepts, formulas, and definitions for last-minute revision.

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Key Topics to Revise

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1. Meaning of Elasticity of Demand

  • Price elasticity of demand measures the amount of change in quantity demanded in response to change in price.
  • Elasticity of demand is a quantitative concept, not a qualitative one.
  • The greater the response of demand to price change, the greater the elasticity.
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2. Methods of Measuring Price Elasticity of Demand

  • There are three methods of measuring price elasticity of demand: Percentage Method, Expenditure Method, and Geometrical Method.
  • The percentage method gives the exact numerical value of elasticity.
  • The expenditure method uses total expenditure or total outlay.
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3. Degrees or Kinds of Price Elasticity of Demand

  • There are five kinds of price elasticity of demand.
  • Perfectly inelastic demand has Ed = 0 and its demand curve is parallel to the Y-axis.
  • Inelastic demand has Ed < 1.
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4. Total Expenditure or Outlay Method

  • Total expenditure is the product of price and quantity.
  • When price and total expenditure are inversely related, demand is elastic.
  • When price and total expenditure are directly related, demand is inelastic.

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Key Concepts

Price elasticity of demand measuresThis method uses the formula EdTotal expenditure is TE = POn a straightThere are five kinds

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Elasticity of Demand covers several key topics that are frequently asked in ICSE Class 10 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
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