BPSC (Bihar) Exam > BPSC (Bihar) Videos > Indian Economy for State PSC Exams > Elasticity of Demand
Elasticity of Demand Video Lecture | Indian Economy for State PSC Exams - BPSC (Bihar)
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FAQs on Elasticity of Demand Video Lecture - Indian Economy for State PSC Exams - BPSC (Bihar)
| 1. What is elasticity of demand? |  |
Ans. Elasticity of demand refers to the responsiveness of the quantity demanded of a good or service to changes in its price. It measures the percentage change in quantity demanded divided by the percentage change in price.
| 2. How is the price elasticity of demand calculated? | |
Ans. Price elasticity of demand is calculated by dividing the percentage change in quantity demanded by the percentage change in price. The formula for price elasticity of demand is:
Price Elasticity of Demand = (Percentage Change in Quantity Demanded) / (Percentage Change in Price)
| 3. What does it mean when demand is elastic? | |
Ans. When demand is elastic, it means that a small change in price leads to a relatively larger change in quantity demanded. In other words, consumers are highly responsive to price changes, and a slight increase in price can result in a significant decrease in demand, and vice versa.
| 4. What factors affect the elasticity of demand? | |
Ans. Several factors affect the elasticity of demand. Some of the main factors include the availability of substitutes, the proportion of income spent on the good, the time period under consideration, and the necessity or luxury nature of the good. Goods with readily available substitutes, a higher proportion of income spent on them, longer time periods, and luxury characteristics tend to have more elastic demand.
| 5. How does elasticity of demand impact pricing decisions? | |
Ans. The elasticity of demand plays a crucial role in pricing decisions. If demand for a product is elastic, meaning consumers are highly responsive to price changes, firms may consider lowering the price to increase sales and revenue. On the other hand, if demand is inelastic, firms may have more flexibility to raise prices without significantly affecting demand. Understanding the elasticity of demand helps businesses determine the optimal pricing strategy for their products or services.
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Nov 16, 2024 Last updated |
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