13.
When Income for a commodity increases, then demand
When Income for a commodity increases, then demand
Anonymous Quiz
63%
Increases
16%
Expands
19%
Both a & b
2%
None
👍3❤1
14. Sir Robert giffen was astonished to know that when bread prices gone up, demand for bread _______
Anonymous Quiz
49%
Gone up
30%
Gone down
21%
Didn’t change
1%
None
👍4❤1🔥1
15.
When income increases by 20% and demand increases by 10% then we can say income elasticity is
When income increases by 20% and demand increases by 10% then we can say income elasticity is
Anonymous Quiz
27%
2
57%
1/2
14%
-1/2
2%
None
👍2
16.
As income increase by 15% demand goes up by 25% hence income elasticity is
As income increase by 15% demand goes up by 25% hence income elasticity is
Anonymous Quiz
19%
Less than one
76%
Greater than one
2%
One
2%
Zero
👍2
When change in demand is more than proportionate change in income, income elasticity is ______
Anonymous Quiz
17%
Less than one
78%
Greater than one
4%
Zero
2%
One
👍4
18.
Ram used to spend 20% of his income on commodity ‘x’. When his income increased he still spends 20% of his income on commodity ‘x’. This means income elasticity is _____
Ram used to spend 20% of his income on commodity ‘x’. When his income increased he still spends 20% of his income on commodity ‘x’. This means income elasticity is _____
Anonymous Quiz
38%
One
40%
Zero
12%
Less than one
11%
Greater than one
👍2
20.
Ram used to spend ₹5,000 on commodity x. When his income increased he continued to spend ₹5,000 on that particular commodity. This means his income elasticity for commodity ‘x’ is _____
Ram used to spend ₹5,000 on commodity x. When his income increased he continued to spend ₹5,000 on that particular commodity. This means his income elasticity for commodity ‘x’ is _____
Anonymous Quiz
48%
One
36%
Zero
11%
Less than one
6%
More than one
Ram used to spend 10% of his income on commodity x. When his income got doubled he continued to spend 10% of his income on commodity x. Here demand has_______
Anonymous Quiz
44%
Didn’t change
35%
Changed proportionately
13%
Changed more than proportionate
8%
Changed less than proportionate
Ram used to spend ₹10,000 on grocery. When his income got doubled up, he still spend ₹10,000 on grocery, this means his demand for grocery ______
Anonymous Quiz
64%
Didn’t change
19%
Changed proportionately
10%
Changed more than proportionate
7%
Changed less than proportionate
22.
Ram used to spend 10% of his income on commodity ‘x’. When his income increased he decided to spend 15% of his income on commodity ‘x’. Here his demand for commodity ‘x’ _______
Ram used to spend 10% of his income on commodity ‘x’. When his income increased he decided to spend 15% of his income on commodity ‘x’. Here his demand for commodity ‘x’ _______
Anonymous Quiz
5%
Didn’t change
38%
Increased proportionately
50%
Increased more than proportionate
7%
Increased less than proportionate
👍1
