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Elasticity of Demand Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
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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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Nov 04, 2024 Last updated |
Video Description: Elasticity of Demand for SSC CGL 2024 is part of SSC CGL Tier 2 - Study Material, Online Tests, Previous Year preparation.
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