Question

Of the following, demand is likely to be the least elastic for:
w
Select one:
O a. Tooth Picks
O b. Toyota automobiles
c. Ford Aautomobiles
0 d. DVD players​

Answer 1

Answer:

B,C

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Answer 2

Correct Answer:

a. Tooth Picks

Explanation:

Elasticity of Demand

When the change in the quantity demanded of a commodity is greater than the change in the price of a commodity then demand is said to be elastic in nature. There are different types of elasticities of demand such as inelastic, unitary elastic, etc.

• The option b is not true as, when the price of Toyota increases, as it is a luxury good, it means that the demand for such a good will change more than the price of the good. Thus, the demand for such goods is elastic in nature as the quantity of goods demanded will change more due to changes in price.

• The option d is not true as the quantity demanded of the DVD player will change due to a change in the price of the good. As a DVD player is not an essential commodity and takes up a part of consumer's budget, when the price of DVD player increases, the quantity demanded DVD player will decrease more than a change in the price.

• The option c is not true as Ford cars take up a large part of a consumer's budget. When the price of such cars increases or decreases, it will impact the quantity demanded such cars. Therefore, demand for such goods is elastic in nature.

• The option a is true as, toothpicks make up a small part of a consumer's budget, and the change in the price of such goods would not affect consumer's budget much. Therefore, the demand for such goods is less elastic as the change in the quantity demanded will be lower as compared to the change in the price of the good.

Hence, the final answer will be a. Tooth Picks.

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