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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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Oct 06, 2025 Last updated

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	SSC CGL Tier 2 - Study Material, Online Tests, Previous Year 1335 videos\|1437 docs\|834 tests

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

1335 videos|1437 docs|834 tests

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