Question
Calculation the elasticity of demand by using total outlay method. The demand for A commodity is $100$ units when unit price is $Rs. 10$. If the price increases to $5$ demand reduces to $300$ units. Calculate the elasticity of demand.
| Price of $A$ | Demand for $A$ | Total cost |
| $10 5$ |
$100 300$ |
$1000 1500$ |
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| 1950-51 | 1990-91 | 2000-01 | 2014-15 (P) |
Agriculture and allied activities | 53.1 | 29.6 | 22.3 | 17.6 |
Industries | 16.6 | 27.7 | 27.7 | 29.7 |
Services (excluding constuction) | 30.3 | 42.7 | 50.4 | 52.7 |
Source : Economic Survey (2014-15)
(1) What does the table represent?
(2) How has the contribution of agriculture to the Indian economy changed over time?
(3) Which sector has seen the largest increase in its contribution to the economy?
Stages of Production | Sales Income (₹) | Factor Cost (₹) | Increasing Value (₹) |
Iron | 1000 | 0 | 1000 |
Machine Material | 2000 | 1000 | 1000 |
Machine | 2500 | 2000 | 500 |
Total | 5500 | 3000 | 2500 |
(1) What does the table represent?
(2) Which product has the highest selling price according to the table?
(3) How is the profit calculated for each product in the given table?
| Year | $1970-71$ | $1980-81$ | $1990-91$ | $2000-01$ | $2010-11$ |
| Production $($In lakh tonn.$)$ | $23.8$ | $36.3$ | $55.1$ | $69.7$ | $86.9$ |