Demand and Its Determinants
Economics ⇒ Consumer and Producer Behaviour
Demand and Its Determinants starts at 11 and continues till grade 12.
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Define demand in economics.
Explain how consumer expectations about future prices can affect current demand.
Explain the concept of 'change in quantity demanded' versus 'change in demand'.
Explain the difference between individual demand and market demand.
If the price of a good falls and the total expenditure on the good rises, what can you say about the price elasticity of demand?
If the price of a good falls from Rs. 50 to Rs. 40 and the quantity demanded increases from 100 units to 150 units, calculate the price elasticity of demand using the percentage method.
If the price of a good increases by 10% and the quantity demanded falls by 5%, what is the price elasticity of demand?
If the price of petrol increases, what is likely to happen to the demand for cars? Explain.
Which of the following is an example of a Giffen good? (1) Rice in a poor region, (2) Gold, (3) Designer handbags, (4) Smartphones
Which of the following is an example of an inferior good in India? (1) Basmati rice, (2) Coarse grains, (3) Smartphones, (4) Branded clothes
Which of the following is likely to have perfectly inelastic demand? (1) Salt, (2) Luxury cars, (3) Branded clothes, (4) Ice cream
Which of the following is NOT a determinant of demand? (1) Price of the good, (2) Price of related goods, (3) Cost of production, (4) Income of the consumer
Fill in the blank: The demand for a commodity is said to be ________ if a small change in price leads to a large change in quantity demanded.
Fill in the blank: The demand for a commodity is said to be ________ if the percentage change in quantity demanded is less than the percentage change in price.
Fill in the blank: The demand for a good that is used for ostentation or prestige is called ________ demand.
Fill in the blank: The graphical representation of the law of demand is called the ________ curve.
True or False: A rightward shift in the demand curve indicates an increase in demand.
True or False: The demand curve generally slopes upwards from left to right.
True or False: The demand for a good is always affected by the tastes and preferences of consumers.
True or False: The demand for salt is highly elastic.
