Question

(State whether the statement is TRUE or FALSE)Concept of Elasticity of Demand is useful for finance minister.

Answer 1

may be true because elasticity of demand refers to the percentage of change in quantity demanded and percentage change in price and multiply by negative sign

Answer 2

• The above statement is True

• The concept of elasticity of demand is more helpful for the finance minister.

• Elasticity of demand changes the total revenue with a projected change in price.

• The concept of elasticity of demand depends on various factors.

• If the demand element is inelastic the price will be high. If it is elastic the price will be low.