Question
Consider the following statements: 1. The
demand for commodities having a large number of close substitutes is less elastic than the commodities having a smaller number of substitutes 2. Luxury items have a highly elastic demand 3. The commodities whose consumption cannot easily be postponed have less elastic demand Which of these statements is/are correct?Solution
The extent of responsiveness of demand with change in the price is not always the same. The demand for a product can be elastic or inelastic, depending on the rate of change in the demand with respect to change in price of a product. Elastic demand is the one when the response of demand is greater with a small proportionate change in the price. On the other hand, inelastic demand is the one when there is relatively a less change in the demand with a greater change in the price. Therefore, the demand for commodities having a large number of close substitutes is more elastic than the commodities having a smaller number of substitutes because whenever there is a change in prices of commodities having close substitutes there will be drastic change in the demand of that commodity. Hence, statement 1 is incorrect. Luxury items Luxury items have a highly elastic demand. Since these items are not necessity therefore, change in prices of these items lead to drastic change in the demands of these items. Hence, statement 2 is correct. The commodities whose consumption cannot easily be postponed have less elastic demand. Since these commodities belong to the necessity class of goods e.g., flour, salt, sugar etc. Therefore, irrespective of change in prices of these goods, demand of these commodities does not get affected too much. Hence, statement 3 is correct. Therefore, B is the right answer.
If tan θ + cot θ = 2 where 0 < θ < 90 ; find the value of tan30 θ + cot 29 θ.
The Value of (sin38Ëš)/(cos52Ëš) + (cos12Ëš)/(sin78Ëš) - 4cos²60Ëš is
If x = (sin 30 ° + cos 30 ° )/sec 60 ° , then find the value of 4x.
Find the simplified value of:
(tan 40 º  + tan 20 º )/(1 - tan 40 º tan 20 º)
If sinAo = (√3/2), then find the value of (sin245o + cos230o) × A ÷ 5 given that 0 < A < 90...
If 2ycosθ = x sinθ and 2xsecθ – ycosecθ = 3, then x 2 + 4y 2 = ?
If sin x + cos x = √2 sin x, then the value of sin x - cos x is:
If 2 sec 3x = 4, then the value of x:
The value of (sin 60 º cos 30 º - cos 60 º sin 30 º)  is equal to:
- Simplify the following trigonometric expression:
11 sin 42° sec 48° − 7 tan 37° tan 53°