Elasticity of Demand
Description: Micro-economics | |
Number of Questions: 15 | |
Created by: Manjit Singh | |
Tags: Micro-economics Law of Demand and Elasticity of Demand Theory of Demand and Supply |
When consumer income rises, demand for Giffen goods
The price of potatoes falls from Rs. 30 to Rs. 20 and potato growers supply the same amount to the shops. The price elasticity of supply is
Quantity demanded of umbrellas was 200 at a price Rs. 60 per umbrella. Quantity demanded of umbrellas increased to 300, however the price was same. In this case, demand curve will shift from
A local grocery storekeeper orders 100 cans of soya milk every week and sells them at the price of Rs. 60 per can. At the end of first week, he has sold only 50 cans. What economic situation is the storekeeper facing and what will be the effect of this situation on the price in order to attain equilibrium?
When the price of good X rises, demand for good Y rises. X and Y are
There is a demand of 100 kg of onions in the market by consumers and suppliers have supplied exactly 100 kg in the market on consumer demand. Here, demand and supply are in
Yesterday, price of petrol was Rs. 20 per litre and Vishal was willing to purchase 10 litres for his bike.Today, price of petrol has gone up to Rs. 25 and now Vishal is willing to purchase 8 litres. What is Vishal's elasticity of demand?
You are using a branded shampoo for a long time and you noticed that there is a sudden rise in the price of that shampoo. What can be the reason for this rise in price?
Which of the following predictions is not made by supply and demand theory?
Which of the following can lead to an increase in supply of sugar?
If buyers expect a rise in price of gold in future, this will lead to
If a computer manufacturing company is making computers faster than people want to buy it, then in such a case,
Recently, it was in news that there can be a fall of 30% in Mumbai property market. Such a situation can take place due to
Which of the following will not lead to decrease in demand of labour?
In a market, prices are determined by