0
Explain what is meant by price and income elasticity of demand?
Wiki User
∙ 14y ago
price elasticity of demand is the degree of responsiveness of demand where by change in price of a commodity bring proportionate change in quantity demanded.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Explain what is meant by Price Elasticity of Demand?
there are broadly classified into five types 1. Perfect price elasticity of demand 2. Perfect price in-elasticity of demand 3. Relative price elasticity of demand 4. Relative price in-elasticity of demand 5. Unity price elasticity of demand
Is coal elastic or inelastic?
There are 2 different types price elasticity of demand and price elasticity of supply. If you meant to ask is demand for coal price elastic on inelastic, answer is yes, it is price inelastic. The demand for coal, is unlikely to drop much even if the price of it increases, it can be said that it is a 'necessity'. Since the quantity demanded decreases less than proportionate than the increase in price, it is said to be price inelastic.
What is new and replacement demand?
If the purchase or acquisition of an item is meant as an addition to stock, it is new demand. It the purchase of an item is meant for maintaining the old stock of capital/ asset intact, it is replacement demand.
What is meant by derived demand and how does this demand characteristic impact freight demand?
Derived demand is the demand to transport goods or services to location depend on demand to consume a goods or services to location. Freight of product is derived from the customer demand of product.
Explain what is meant by a built-in stabilizer?
In macroeconomics, automatic stabilizers describes how modern government budget policies, particularly income taxes and welfare spending, act to dampen fluctuations in real GDP.The size of the government budget deficit tends to increase when a country enters a recession, which tends to keep national income higher by maintaining aggregate demand. There may also be a multiplier effect. This effect happens automatically depending on GDP and household income, without any explicit policy action by the government, and acts to reduce the severity of recessions. Similarly, the budget deficit tends to decrease during booms, which pulls back on aggregate demand. Therefore, automatic stabilizers tend to reduce the size of the fluctuations in a country's GDP.
What is meant by concept of elasticity of demand?
The degree of responsiveness of change in demand as a result of change in its price is known as elasticity of demand. I mathematical language we can say that; Elasticity of demand = %age change in Quantity Demanded DIVIDED BY %age change in the Price.
Explain what is meant by Price Elasticity of Demand?
there are broadly classified into five types 1. Perfect price elasticity of demand 2. Perfect price in-elasticity of demand 3. Relative price elasticity of demand 4. Relative price in-elasticity of demand 5. Unity price elasticity of demand
What is meant by demand?
what is meant by demand ?
Is coal elastic or inelastic?
There are 2 different types price elasticity of demand and price elasticity of supply. If you meant to ask is demand for coal price elastic on inelastic, answer is yes, it is price inelastic. The demand for coal, is unlikely to drop much even if the price of it increases, it can be said that it is a 'necessity'. Since the quantity demanded decreases less than proportionate than the increase in price, it is said to be price inelastic.
How do you explain what is meant by a complex system?
Explain what is meant by a complex system
Explain what is meant by feedback in terms of acquiring skill?
Explain what is meant by feedback
What is meant by flexlibility?
demand
What is meant by rasputeennet?
demand
What is meant by zafeer?
demand
What s meant by income inequality.distinguish between personal and functional distribution of income.?
What is meant by income inequality? Distinguish between personal and functional distribution of income.
What is new and replacement demand?
If the purchase or acquisition of an item is meant as an addition to stock, it is new demand. It the purchase of an item is meant for maintaining the old stock of capital/ asset intact, it is replacement demand.
What is meant by the term dementia?
Explain what is meant by the term 'dementia.'
