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 measures the degree of responsiveness of quantity demanded of a commodity to changes in its price. It tells us how much demand changes when price changes. It is calculated a…
Write the formula for Price Elasticity of Demand using the percentage method.
Answer
Ed = (Percentage change in quantity demanded) / (Percentage change in price) Or Ed = (ΔQ/Q × 100) / (ΔP/P × 100) Where ΔQ = change in quantity, Q = original quantity, ΔP = change in price, P = orig…
What does it mean when Ed = 0?
Answer
When Ed = 0, it means Perfectly Inelastic Demand. The quantity demanded does not change at all despite changes in price. The demand curve is vertical (parallel to Y-axis). Examples include life-saving…
What does it mean when Ed < 1?
Answer
When Ed < 1, it means Inelastic Demand (less elastic). The percentage change in quantity demanded is less than the percentage change in price. The demand curve is steep. Examples include necessities l…
What does it mean when Ed = 1?
Answer
When Ed = 1, it means Unit Elastic Demand. The percentage change in quantity demanded equals the percentage change in price. The demand curve takes the shape of a rectangular hyperbola. Total expendit…
What does it mean when Ed > 1?
Answer
When Ed > 1, it means Elastic Demand (highly elastic). The percentage change in quantity demanded is greater than the percentage change in price. The demand curve is flatter. Examples include luxury g…
What does it mean when Ed = ∞ (infinity)?
Answer
When Ed = ∞, it means Perfectly Elastic Demand. A small change in price causes infinitely large change in quantity demanded. The demand curve is horizontal (parallel to X-axis). This occurs when perfe…
Why do necessary goods have inelastic demand?
Answer
Necessary goods have inelastic demand because: 1. They are essential for daily life 2. Consumers cannot easily reduce their consumption 3. They have few or no substitutes 4. They form a small part of …
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