HARD
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Suppose the price elasticity of demand for a good is -0.2. If there is a 5⁒ increase in the price of the good, by what percentage will the demand for the good go down?

Important Questions on Theory of Consumer Behaviour

EASY
Economics>Microeconomics>Theory of Consumer Behaviour>Elasticity of Demand
Which factor affect demand for companies product?
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Economics>Microeconomics>Theory of Consumer Behaviour>Elasticity of Demand
In case of inferior commodity the rise in income will result in demand curve:
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Economics>Microeconomics>Theory of Consumer Behaviour>Elasticity of Demand
Which one of the following is not a method of demand forecasting?
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Economics>Microeconomics>Theory of Consumer Behaviour>Elasticity of Demand
Demand curve of a normal commodity:
MEDIUM
Economics>Microeconomics>Theory of Consumer Behaviour>Elasticity of Demand
Under perfect competition, price elasticity of demand of a firm is -
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Economics>Microeconomics>Theory of Consumer Behaviour>Elasticity of Demand
Normally, when the price of a commodity increases its demand:
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Economics>Microeconomics>Theory of Consumer Behaviour>Elasticity of Demand
Forecasting of demand is the art and science of predicting the
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Economics>Microeconomics>Theory of Consumer Behaviour>Elasticity of Demand
Which of the following statements is correct?
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Economics>Microeconomics>Theory of Consumer Behaviour>Elasticity of Demand
Elasticity of demand under perfect competition is.
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Economics>Microeconomics>Theory of Consumer Behaviour>Elasticity of Demand
Income elasticity of luxury goods
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Economics>Microeconomics>Theory of Consumer Behaviour>Elasticity of Demand
Which of the following statements about price elasticity of demand is correct?
MEDIUM
Economics>Microeconomics>Theory of Consumer Behaviour>Elasticity of Demand
Supply of land is:
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Economics>Microeconomics>Theory of Consumer Behaviour>Elasticity of Demand
Contraction of demand is the result of:
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Economics>Microeconomics>Theory of Consumer Behaviour>Elasticity of Demand
Suppose there was a 4% decrease in the price of a good, and as a result, the expenditure on the good increased by 2%. What can you say about the elasticity of demand?
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Economics>Microeconomics>Theory of Consumer Behaviour>Elasticity of Demand
Larger production of _____goods would lead to higher production in future.
MEDIUM
Economics>Microeconomics>Theory of Consumer Behaviour>Elasticity of Demand
Demand for a commodity refers to:
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Economics>Microeconomics>Theory of Consumer Behaviour>Elasticity of Demand
When there is no change in the demand of a commodity as a result of a change in its price, the demand is known as _____ (relatively elastic / perfectly inelastic)
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Economics>Microeconomics>Theory of Consumer Behaviour>Elasticity of Demand
Consider the demand curve D(p)=10-3p. What is the elasticity at price 53?
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Economics>Microeconomics>Theory of Consumer Behaviour>Elasticity of Demand
Identify the factor which generally keeps the price-elasticity of demand for a good low:
MEDIUM
Economics>Microeconomics>Theory of Consumer Behaviour>Elasticity of Demand

If the local pizzeria raises the price of a medium pizza from ₹60 to ₹100 and the quantity demanded falls from 700 pizzas a night to 100 pizzas a night, what is the price elasticity of demand for pizzas? (Use Arc Elasticity Method)