Elasticity of demand

What this figure indicates?

• Perfectly elastic demand

• Perfectly inelastic demand

• Unitary elastic demand

• Elastic demand

When elasticity of demand is measured over a finite range then it is called.

• Point elasticity

• Arc elasticity

• Percentage method

• Proportionate method

If the demand is inelastic, what will be the effect of a fall in price on consumers total outlay .

• Total expenditure Falls

• Price Falls

• Total expenditure Rises

• Price Rises

In the given figure ep= ?

• ep = 1

• ep = 0

• ep > 1

• ep < 1

When the percentage change in quantity demanded exceeds the percentage change in its price.

• Perfectly elastic demand

• Elastic demand

• Perfectly inelastic demand

• Inelastic demand

If the demand is elastic, what will be the effect of a fall in price on consumers total outlay .

• Total expenditure Falls

• Price Falls

• Total expenditure Rises

• Price Rises

Complete the formula

• Percentage change in the demand of commodity Y

• Percentage change in the price of commodity y

• Percentage change in income

• Percentage change in price

If commodity X and commodity y are complementary goods the cross elasticity of demand is is

• Positive cross elasticity of demand

• Negative cross elasticity of demand

• Complementary goods

• None of the above

A commodity with weak substitute has

• Elastic demand

• Unitary elastic demand

• Inelastic demand

• Cross elasticity of demand

The demand of middle income and poor people is generally

• Inelastic demand

• Inelastic

• Elastic

• None of the above