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Concept Maps

Elasticity of Demand — Concept Maps

ICSE · Class 10 · Economics

4 concept maps of Elasticity of Demand for ICSE Class 10 Economics, each also written out as a text outline. Part of the ICSE Class 10 Economics syllabus.

41 questions38 flashcards9 formulas & key relations5 concepts

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A diagram illustrating different types of price elasticity of demand: perfectly inelastic, inelastic, unitary elastic, elastic, and perfectly elastic, using various demand curve shapes.
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4 Concept Maps

Elasticity of Demand - Complete Concept Map

Elasticity of Demand - Complete Concept Map

The map in words

  • Elasticity of Demand
    • Price Elasticity
      • Percentage Method
        • Formula Ed = DQ/DP x P/Q
        • Ratio of percentage changes
      • Five Degrees
        • Perfectly Inelastic Ed = 0
        • Inelastic Ed less than 1
        • Unit Elastic Ed = 1
        • Elastic Ed greater than 1
        • Perfectly Elastic Ed = infinity
      • Demand Curve Shapes
        • Vertical line
        • Steep curve
        • Rectangular Hyperbola
        • Flat curve
        • Horizontal line
    • Income Elasticity
      • Positive
        • Normal goods
        • Demand rises with income
      • Negative
        • Inferior goods
        • Demand falls with income
      • Zero
        • No change in demand
    • Cross Elasticity
      • Positive
        • Substitute goods
        • Tea and Coffee
      • Negative
        • Complementary goods
        • Pen and Ink
      • Zero
        • Unrelated goods
        • Milk and Cloth
    • Factors Affecting Elasticity
      • Nature of commodity
        • Necessities Inelastic
        • Luxuries Elastic
      • Availability of substitutes
        • More substitutes More elastic
      • Number of uses
        • More uses More elastic
      • Postponement possible
        • Postponable Elastic
      • Share in budget
        • Small share Inelastic
      • Habits
        • Habitual goods Inelastic
      • Time period
        • Long run More elastic
      • Joint demand
        • Linked to main good

Correct vs Incorrect: Reading Elasticity from Demand Curve Shape

Correct vs Incorrect: Reading Elasticity from Demand Curve Shape

The map in words

  • Look at the Demand Curve Shape
    • What is the slope?
      • Vertical Line: WRONG: Elastic
      • Vertical Line: CORRECT: Perfectly Inelastic\nEd = 0
      • Horizontal Line: WRONG: Inelastic
      • Horizontal Line: CORRECT: Perfectly Elastic\nEd = Infinity
      • Steep Curve: WRONG: More Elastic
      • Steep Curve: CORRECT: Less Elastic\nEd less than 1
      • Flat Curve: WRONG: Less Elastic
      • Flat Curve: CORRECT: More Elastic\nEd greater than 1
      • Rectangular Hyperbola: CORRECT: Unit Elastic\nEd = 1

Elasticity of Demand — Complete Concept Map

Elasticity of Demand — Complete Concept Map

The map in words

  • Elasticity of Demand
    • Price Elasticity Ed
      • Formula Ed = DeltaQ over DeltaP times P over Q
      • Percentage Method
        • Q above P always
      • 5 Degrees
        • Perfectly Inelastic Ed equals 0
          • Vertical Demand Curve
        • Inelastic Ed less than 1
          • Steep Demand Curve
        • Unit Elastic Ed equals 1
          • Rectangular Hyperbola
        • Elastic Ed greater than 1
          • Flat Demand Curve
        • Perfectly Elastic Ed equals Infinity
          • Horizontal Demand Curve
    • Income Elasticity Ei
      • Q over Y fraction
      • Positive Normal Goods
      • Negative Inferior Goods
      • Zero No Change
    • Cross Elasticity Ec
      • X Demand vs Y Price
      • Positive Substitutes
      • Negative Complements
      • Zero Unrelated Goods
    • Factors Affecting Ed
      • Nature Necessity vs Luxury
      • Substitutes Available or Not
      • Number of Uses
      • Postponement Possible
      • Proportion of Income
      • Habits
      • Time Period
      • Joint Demand

Elasticity of Demand

Elasticity of Demand

The map in words

  • Elasticity of Demand
    • Meaning of Elasticity of Demand
    • Percentage Method
    • Degrees of Price Elasticity
    • Factors Affecting Price Elasticity
    • Types of Elasticity of Demand
    • Examples and Applications

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Frequently Asked Questions

What are the important topics in Elasticity of Demand for ICSE Class 10 Economics?
Key topics in Elasticity of Demand include Meaning and Core Idea, Percentage Method and Formula Use, Degrees or Kinds of Price Elasticity of Demand, Demand Curves and Total Expenditure. Study these first, then practise questions on each for the ICSE Class 10 board exam.
What do the concept maps for Elasticity of Demand show?
The 4 maps show how the ideas in Elasticity of Demand connect: Elasticity of Demand - Complete Concept Map; Correct vs Incorrect: Reading Elasticity from Demand Curve Shape. Each map is also written out as an outline on this page.
How should I revise Elasticity of Demand for the ICSE Class 10 board exam?
Learn the core ideas first, then work through the 41 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.

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