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Class 12 Exam > Class 12 Videos > #54, NUMERICALS - PRICE ELASTICITY OF DEMAND | PART 1 | MICROECONOMICS | CLASS 12 & 11

#54, NUMERICALS - PRICE ELASTICITY OF DEMAND | PART 1 | MICROECONOMICS | CLASS 12 & 11 Video Lecture

FAQs on #54, NUMERICALS - PRICE ELASTICITY OF DEMAND - PART 1 - MICROECONOMICS - CLASS 12 & 11 Video Lecture

1. What is price elasticity of demand?

Ans. Price elasticity of demand is a measure of the responsiveness of the quantity demanded of a good or service to a change in its price. It shows how sensitive consumers are to changes in price and helps determine the impact of price changes on total revenue.

2. How is 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 is: Price Elasticity of Demand = (% Change in Quantity Demanded) / (% Change in Price).

3. What does a price elasticity of demand of 1 mean?

Ans. A price elasticity of demand of 1 means that the percentage change in quantity demanded is equal to the percentage change in price. This indicates unitary elasticity, where the demand for the good or service is neither highly sensitive nor highly insensitive to price changes.

4. What does a price elasticity of demand greater than 1 mean?

Ans. A price elasticity of demand greater than 1 means that the percentage change in quantity demanded is greater than the percentage change in price. This indicates elastic demand, where the demand for the good or service is highly sensitive to price changes. A small price increase can result in a significant decrease in quantity demanded.

5. What does a price elasticity of demand less than 1 mean?

Ans. A price elasticity of demand less than 1 means that the percentage change in quantity demanded is less than the percentage change in price. This indicates inelastic demand, where the demand for the good or service is not very sensitive to price changes. Even significant price increases may result in only a small decrease in quantity demanded.

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