NCERT Solutions for Class 12 Micro Economics Elasticity of Demand

NCERT Solutions for Class 12 Micro Economics Elasticity of Demand

NCERT Solutions for Class 12 Micro Economics Elasticity of Demand is designed and prepared by the best teachers across India. All the important topics are covered in the exercises and each answer comes with a detailed explanation to help students understand concepts better. These NCERT solutions play a crucial role in your preparation for all exams conducted by the CBSE, including the JEE.

NCERT TEXTBOOK QUESTIONS SOLVED

1. Define price elasticity of demand.

Ans. The degree of responsiveness of quantity demanded to changes in price of the commodity is known as price elasticity of demand.

2. Why is price elasticity of demand has negative sign always?

Ans. Price elasticity of demand is generally negative because of the inverse relationship between price and quantity demanded.

3. Give the formula for measuring price elasticity of demand according to percentage method.

Ans. Elasticity of demand (ED)
Percentage change in quantity demanded Percentage change in price

4. Give the formula for measuring price elasticity of demand according to point method.

Ans. Elasticity of demand (ED)
Lower Segment of demand curve (LS)
Upper Segment of demand curve (US)

5. Define perfectly inelastic demand.

Ans. If price changes, and quantity demand remains constant, ed = 0 and the result is known as perfectly inelastic demand.

6. Define perfectly elastic demand.

Ans. If quantity demand changes and price remains constant, ed = o and the result is known as perfectly elastic demand.

7. Demand for product X is perfectly ! elastic. What will be the change in price if demand rises from 50 per unit to 70 per unit?

Ans. There will be no change in price as demand is perfectly elastic.

8. If ED < 1, in which portion the point would be located on a straight line demand curve?

Ans. In the lower half.

9. When is the demand of a commodity said to be inelastic? [CBSE Sample Paper 2010]

Ans. When percentage change in the quantity demanded is less than percentage change in price, demand for such a commodity is said to be less elastic.

10. If price elasticity of demand for a product is equal to one, what will be the nature of its demand curve?

Ans. Demand curve of a product with unitary elastic demand is a rectangular hyperbola.

11. A rise in the price of a good results in an increase in expenditure on it. Is its demand elastic or inelastic? [CBSE Sample Paper 2008}

Ans. The demand is inelastic.

12. If two demand curves intersect, which one has the higher price elasticity?

Ans. When two demand curves intersect, the flatter curve is more elastic.

13. What happens to total expenditure on a commodity when its price falls and its demand is price elastic? [CBSE Sample Paper 2010}

Ans. Total expenditure will increase.

14. A poor household with no or very little income remains underfed. If the household's income rises, how will it affect household's demand for low-quality rice.

Ans. Household's demand for rice will rise.

15. How will a rich household’s demand for low-quality rice respond to an increase in income of the household?

Ans. It will decrease.

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