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Important Questions

Elasticity of Demand

ICSE · Class 12 · Economics

Most important questions from Elasticity of Demand for ICSE Class 12 Economics board exam 2026. MCQs, short answer, and long answer questions with marks.

62 questions36 flashcards5 concepts

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62 Questions·
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Sample Questions

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?

Show answer

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?

Show answer

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 Types and Degrees of Elasticity of Demand — Complete Overview, Total Expenditure Method — Correct Decision Rules, Elasticity of Demand - Full Chapter Concept Map. These are the concepts ICSE Class 12 examiners draw on most — study them first, then practise related questions.
How to score full marks in Elasticity of Demand — ICSE Class 12 Economics?
Understand the core concepts first, then work through the 62 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.
How many important questions are there in Elasticity of Demand?
There are 62 practice questions available for Elasticity of Demand. These cover multiple question types including MCQs, short answer, and long answer questions.

Sources & Official References

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

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