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Elasticity of Demand Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

FAQs on Elasticity of Demand Video Lecture - SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

1. What is elasticity of demand?

Ans. Elasticity of demand is a measure of how much the quantity demanded of a good or service responds to a change in price.

2. How is elasticity of demand calculated?

Ans. The formula to calculate elasticity of demand is: % change in quantity demanded / % change in price.

3. What does a perfectly elastic demand curve look like?

Ans. A perfectly elastic demand curve is horizontal, indicating that consumers are willing to buy any quantity of a good at a specific price, but none at a higher price.

4. Can you give an example of a product with elastic demand?

Ans. Yes, luxury goods like designer handbags often have elastic demand, as consumers are more likely to reduce their quantity demanded if the price increases.

5. How does the concept of elasticity of demand help businesses make pricing decisions?

Ans. Understanding the elasticity of demand helps businesses determine how much they can increase or decrease prices without significantly affecting their sales revenue.

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Apr 29, 2025 Last updated

Video Description: Elasticity of Demand for SSC CGL 2025 is part of SSC CGL Tier 2 - Study Material, Online Tests, Previous Year preparation. The notes and questions for Elasticity of Demand have been prepared according to the SSC CGL exam syllabus. Information about Elasticity of Demand covers all important topics for SSC CGL 2025 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Elasticity of Demand.

Introduction of Elasticity of Demand in English is available as part of our SSC CGL Tier 2 - Study Material, Online Tests, Previous Year for SSC CGL & Elasticity of Demand in Hindi for SSC CGL Tier 2 - Study Material, Online Tests, Previous Year course. Download more important topics related with notes, lectures and mock test series for SSC CGL Exam by signing up for free.

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	SSC CGL Tier 2 - Study Material, Online Tests, Previous Year 1366 videos\|1313 docs\|1016 tests

SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

1366 videos|1313 docs|1016 tests

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