Skip to main content
Super TutorResources
Chapter 2 of 10
Revision Notes

Elasticity of Demand — Revision Notes

ICSE · Class 10 · Economic Application

Elasticity of Demand revision notes for ICSE Class 10 Economic Application: 4 topics in quick points. Includes Meaning of Elasticity of Demand, Methods.

57 questions40 flashcards15 formulas & key relations5 concepts

Interactive on Super Tutor

Studying Elasticity of Demand? Get the full interactive chapter.

Quizzes, flashcards, AI doubt-solver and a step-by-step study plan — built for revision notes and more.

Try Super Tutor — Free

Free trial, no card needed.

Key Topics to Revise

1

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.
2

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.
3

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.
4

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.

Get complete notes with diagrams and examples

Full Notes

Key Concepts

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

Frequently Asked Questions

What are the important topics in Elasticity of Demand for ICSE Class 10 Economic Application?
Key topics in Elasticity of Demand include Meaning of Elasticity of Demand, Methods of Measuring Price Elasticity of Demand, Degrees or Kinds of Price Elasticity of Demand, Total Expenditure or Outlay Method. Study these first, then practise questions on each for the ICSE Class 10 board exam.
How should I revise Elasticity of Demand for the ICSE Class 10 board exam?
Learn the core ideas first, then work through the 57 practice questions on Elasticity of Demand. Revise definitions regularly and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

More resources for Elasticity of Demand

All ICSE Class 10 Economic Application Revision Notes

For serious students

Get the full Elasticity of Demand chapter — start free.

Quizzes, flashcards, an AI doubt solver and a study plan for ICSE Class 10 Economic Application. Free to start, no card needed.

Try Super Tutor Free
Try this chapter free