Elasticity of Demand
ICSE · Class 10 · Economics
Flashcards for Elasticity of Demand — ICSE Class 10 Economics. Quick Q&A cards covering key concepts, definitions, and formulas.
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Explore the full setWhat is price elasticity of demand?
Answer
Price elasticity of demand tells the amount of change in quantity demanded of a commodity in response to a change in its price. It shows how strongly consumers react when price changes. A larger react…
State the formula for price elasticity of demand.
Answer
The formula is: E_d = Percentage change in demand for the good / Percentage change in price of the good. It measures demand response in percentage terms, so it is independent of units.
Why are percentage changes used in measuring elasticity?
Answer
Percentage changes are used because they are independent of units. This makes it possible to compare changes in different goods fairly, even if their units are different.
What is the simplified formula for price elasticity of demand?
Answer
The simplified formula is: E_d = (Delta Q / Delta P) × (P / Q). Here, Delta Q is change in quantity, Delta P is change in price, P is original price, and Q is original quantity.
What does it mean when E_d equals 1?
Answer
When E_d equals 1, demand is unit elastic. This means the percentage change in demand is equal to the percentage change in price. Total expenditure remains the same when price changes.
What does it mean when E_d is greater than 1?
Answer
When E_d is greater than 1, demand is elastic. This means the percentage change in quantity demanded is greater than the percentage change in price. Consumers react strongly to price changes.
What does it mean when E_d is less than 1?
Answer
When E_d is less than 1, demand is inelastic or less elastic. This means the percentage change in quantity demanded is smaller than the percentage change in price. Consumers react weakly to price chan…
What is perfectly inelastic demand?
Answer
Perfectly inelastic demand means quantity demanded does not change at all when price changes. Its value is E_d = 0. Such cases are normally not found in real life, though life saving drugs may have ve…
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