Question

If the price of a product increases, the expenditure of a family on that product is bound to increase. Defend or refute.​

Answer 1

Answer:

When a product price increases, expenditure on the commodity will not increase in the situation when eD > 1 (elasticity of demand is greater than unity). It will increase only in situation when eD < 1. In a situation when eD = 1, expenditure will remain constant, even when prices rise.Read more on Sarthaks.com - https://www.sarthaks.com/78585/if-product-price-increases-familys-spending-the-product-has-to-increase-defend-or-refute

Answer 2

Answer:

1.0 26.1 68.6 1.6 15.4 5.9 14.1 4.5 2.2 19.3 9.9 12.1 10.3 8.2 3.1 0.3 21.9 ... 64.1 % -100.3 % 71.4 67.7 % - 91.2 % 2.9 4.4 %- 5.9 % 8.5 85.8 % -100.3