SSC CGL Exam > SSC CGL Videos > Economics for SSC CGL Exam (Hindi) > ECONOMICS | PRICE ELASTICITY OF DEMAND | ECO FOR SSC | SSC CGL; SSC CPO; SSC CHSL; SSC MTS
ECONOMICS | PRICE ELASTICITY OF DEMAND | ECO FOR SSC | SSC CGL; SSC CPO; SSC CHSL; SSC MTS Video Lecture | Economics for SSC CGL Exam (Hindi)
FAQs on ECONOMICS - PRICE ELASTICITY OF DEMAND - ECO FOR SSC - SSC CGL; SSC CPO; SSC CHSL; SSC MTS Video Lecture - Economics for SSC CGL Exam (Hindi)
| 1. What is price elasticity of demand? |  |
Ans. Price elasticity of demand measures the responsiveness of quantity demanded to a change in price. It indicates how sensitive consumers are to changes in price and helps determine the impact of price changes on demand.
| 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 = (Percentage change in quantity demanded) / (Percentage change in price).
| 3. What does a price elasticity of demand of 1 mean? | |
Ans. A price elasticity of demand of 1 means that a 1% change in price will lead to an equal percentage change in quantity demanded. This indicates unitary elasticity, where the demand is neither highly price elastic nor price inelastic.
| 4. How does price elasticity of demand affect revenue? | |
Ans. Price elasticity of demand has a direct impact on revenue. If demand is elastic (elasticity greater than 1), a decrease in price will lead to a proportionally larger increase in quantity demanded, resulting in higher total revenue. Conversely, if demand is inelastic (elasticity less than 1), a decrease in price will lead to a proportionally smaller increase in quantity demanded, resulting in lower total revenue.
| 5. What factors influence price elasticity of demand? | |
Ans. Several factors influence price elasticity of demand, including the availability of substitutes, the proportion of income spent on the good, the necessity of the good, and the time period under consideration. Goods with close substitutes, a higher proportion of income spent, a necessity rather than a luxury, and a longer time period tend to have more elastic demand.
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