Question

iv) A percentage change in quantity demanded divided by a percentage
change in price is called
(a) Income elasticity of demand
(b) Price elasticity of demand
(c) Price elasticity of supply
(d) Elasticity of substitution​

Answer 1

Answer:

Option (B) Price elasticity of demand Is the correct answer

Explanation:

The price elasticity of demand is the percentage change in the quantity demanded of a good or service divided by the percentage change in the price. The price elasticity of supply is the percentage change in quantity supplied divided by the percentage change in price

Answer 2

A percentage change in quantity demanded divided by a percentage change in price is called...

(a) Income elasticity of demand

(b) Price elasticity of demand

(c) Price elasticity of supply

(d) Elasticity of substitution​

The correct answer :

(a) Income elasticity of demand

Explanation :

A percentage change in quantity demanded divided by a percentage change in price is called income elasticity of demand, this is because income elasticity of demand refers to the reaction of a proportionate change in the quantity demanded of a commodity to a disproportionate change in the income level of the consumer.

For this reason, when the percentage change in quantity demanded is divided by the percentage change in price, the income elasticity of demand is obtained.

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In …………… production system goods are produced on a large scale and stocked till they are demanded in the market ?

a) job

b) project

c) mass

d) batch