Q. When the percentage change in demand of a commodity is less than the percentage change in its price, then the demand is called?
Answer: [B] Inelastic
Notes: When the percentage change in quantity demanded is less than the percentage change in price, the demand for the good is said to be inelastic.
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When change in demand is less than change in price is called as?
Example of Price Elasticity of Demand
Finally, if the quantity purchased changes less than the price (say, -5% demanded for a +10% change in price), then the product is deemed inelastic.
When percentage change in quantity demanded is less than the percentage change in price than demand curve is a flatter B steeper C rectangular hyperbola D horizontal?
Demand is said to be inelastic, When the demand for a good is less responsive to its price. In this case, the percentage change in the demand for a good is less than the percentage change in its price and |ed| < 1. The demand curve in such situations is steeper.
When the percentage change in price is less than percentage change in quantity then the price elasticity of demand is *?
1) When the percentage change in the quantity demanded is less than the percentage change in price, then demand is C. inelastic.
When the percentage change in quantity supplied of a commodity is less than the percentage change in its price the supply of the commodity is said to be?
Supply is price elastic when the percentage change in quantity supplied is greater than the percentage change in price, and supply is price inelastic when the percentage change in quantity supplied is less than the percentage change in price.