Question

Study the responsiveness of demand for commodities like salt,matchboxes,candles,television,foodgrains with respect to income level of five families. i am prepare a project .i have introduction,need & importance,objectives. Methodology-survey work,personal interviews. Project presentation ,conclusions

Answer 1

Let us consider the income level of the five families range from very low, low, moderate, high, very high.

• If a family has very low income, then the demand for salt, matchboxes and candles are going to be necessary. The food grains are also mandatory. But, television cannot be afforded.
• If a family has low income, the demand for food grains, salt, matchboxes and candles are going to be high. But, television won't be of much demand.
• If a family has moderate income, then they can afford food grains and salt with maximum demand. But, candles and matchboxes won't be of much demand. They can afford for a television.
• If a family has high income, the demand for food grains, salt and television can be afforded. But, not much demand for candles and matchboxes.
• If a family has very high income, they can afford everything irrespective of the demand. But, they won't be demanding matchboxes and candles.

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Answer 2

When we take a look at commodities like matchsticks, candles, soap we see that buying these necessary goods does not really affect the income of a consumer.

This means that these commodities can be deemed as relatively less elastic in nature.

When we take a look at commodities such as AC, Television, they are quite elastic in nature since they effect the income of the consumer.