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Important Questions

Elasticity of Demand — Important Questions

ICSE · Class 12 · Economics

62 important questions from Elasticity of Demand for ICSE Class 12 Economics, with answers. Written for the board exams 2027.

62 questions36 flashcards5 formulas & key relations5 concepts

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62 Questions·
multiple choicemultiple correcttrue false

Important Questions from Elasticity of Demand

1multiple choice
3 marks

A good has price ₹30 per unit and total expenditure ₹1,500. After a price fall to ₹25 per unit, total expenditure rises to ₹2,000. What is the new quantity demanded?

Show answer

80 units

Quantity demanded = total expenditure / price. At the new price, Q = 2,000 / 25 = 80 units.

2multiple choice
3 marks

A commodity changes from ₹4 to ₹2 per unit and quantity demanded changes from 5 units to 10 units. What is the arc elasticity of demand?

Show answer

2

Using arc elasticity: E_arc = (ΔQ/ΔP) × ((P1 + P2)/(Q1 + Q2)). Here ΔQ = 5, ΔP = 2, P1 + P2 = 6, Q1 + Q2 = 15. So E_arc = (5/2) × (6/15) = 2.

3multiple choice
3 marks

Income rises from ₹8,000 to ₹10,000 and demand rises from 60 units to 75 units. What is the income elasticity of demand?

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1

Percentage rise in income = (10,000 - 8,000) / 8,000 = 25%. Percentage rise in demand = (75 - 60) / 60 = 25%. So income elasticity = 25% / 25% = 1.

4multiple choice
3 marks

At a point on a straight-line demand curve, the upper segment is 6 cm and the lower segment is 2 cm. What is point elasticity of demand at that point?

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1/3

Point elasticity on a linear demand curve = lower part / upper part = 2 / 6 = 1/3.

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Frequently Asked Questions

What are the important topics in Elasticity of Demand for ICSE Class 12 Economics?
Key topics in Elasticity of Demand include Degrees of Price Elasticity of Demand, Methods of Measuring Price Elasticity of Demand, Total Expenditure Method and Comparison of Elasticity, Income Elasticity of Demand. Study these first, then practise questions on each for the ICSE Class 12 board exam.
How many important questions are there in Elasticity of Demand?
Super Tutor has 62 practice questions for Elasticity of Demand, including multiple choice, multiple correct, true false questions. A sample with answers is on this page.

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