Economy, asked by hitommy91, 9 months ago

Amongst the following which item has highest Price Elasticity?

Salt

Petrol

Indian Oil's Petrol

Rice
.

Answers

Answered by nishu1298

6

Answer:

ur ans is ⬇️⬇️

petrol

stay blessed stay happy ❣️❣️❣️❣️

Answered by AmulGupta

0

Among the given options the highest price elasticity is of Indian Oil's petrol.
This is so because price of petrol can vary from company to company and if price of petrol at Indian oil rise then customers will switch to another company and vice versa.

Price elasticity tells about the responsiveness in the quantity demanded due to the change in price.
if there is significant change in the quantity demanded to a small change in price then the elasticity is considered to be high.
if there is no significant change in the quantity demanded to a small change in price then the elasticity is considered to be inelastic.
Salt is inelastic because it is a basic necessity.
Rice is inferior good therefore it will have negative elasticity.
Petrol also has inelastic demand.

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