Download App

MICROECONOMICS CH : 6 PRICE ELASTICITY OF DEMAND — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMICROECONOMICS CH : 6 PRICE ELASTICITY OF DEMAND4 Marks
Question
A commodity shows $E_d = (-) 2$. Quantity demanded reduces from $300$ units to $150$ units in response to increase in price. Find the increased price when initially it was $₹20$ per unit.
✓

Answer

Increased price $= ₹ 25.$

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "4 Marks Question" from MICROECONOMICS CH : 6 PRICE ELASTICITY OF DEMAND→MICROECONOMICS CH : 6 PRICE ELASTICITY OF DEMAND — all question types→Economics STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

Discuss direct oral investigation method of collecting primary data.
→
When price of a commodity $X$ falls by $10$ per cent, its demand rises from $150$ units to $180$ units. Calculate its price elasticity of demand. How much should be the percentage fall in its price so that its demand rises from $150$ to $210$ units?
→
Explain the law of demand with the help of a demand schedule.
→
Differentiate between absolute and relative measures of dispersion.
→
Discuss merits and demerits of Lorenz curve.
→
From the following information about a firm, find the firm's equilibrium output in terms of marginal cost and marginal revenue. Give reasons. Also find profit at this output.
Output (Units)Total Revenue (₹)Total Cost (₹)
167
21213
31817
42423
53031
→
Following is the total utility schedule of Mr. X:
Units of Commodity-X1234567
$TU _{ x }$ (Utils)20375161666664
(i) Derive MU schedule.
(ii) Find out the level of consumption at which Mr. X reaches the saturation point.
(iii) How many units should the consumer purchase to maximise satisfaction when the price of the commodity is ₹5? (Assume that utility is expressed in utils and 1 util = ₹2). Give reasons for your answer.
→
Read the following case study carefully and answer the questions 1-2 on the basis of the same:
With a price floor, the price is set above the equilibrium price. The government may decide that the equilibrium price is not high enough and is causing social problems. For instance: the American farmer, through technology and science, is a producer of large amounts of food products. This has, however, not been to the farmer's advantage. When there is a large supply and not as much demand, the price drops. This has been the case with American farmers, large supplies, low demand, low prices. Low prices result in low incomes. In order to offset this, the government has enacted price supports to raise the price of agricultural products.
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$-Bob A. Rabboh, Ronald J. Barton, Principles of Economics
1. Explain the meaning of price floor with its implications.
2. State the effects of price floor on the market of a commodity.
→
What are the main objectives of tabulation?
→
Price elasticity of demand and slope of demand curve are the two same terms. Explain.
→