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It is generally negative but Giffen goods have a positive price elasticity of demand. The income elasticity of demand is positive but less than 1 for normal goods. The price elasticity of demand is defined to be the percent change in quantity divided by the percent change in price. If a good has an elasticity of demand greater than 1 in absolute value we say that it has an elastic demand. If the elasticity is less than 1 in absolute value we say that it has an inelastic demand. And if it has an elasticity of exactly −1, we say it has unit elastic demand. Only goods which do not conform to the law of demand, such as Giffen goods, have a positive elasticity.
Jute fibre is obtained from
The term pegging is concerned to which crop?
Family cecidomyidae belongs to order:
Which of the following agency has been engaged as Technical partner for the Mission Amrit Sarovar?
Delinting in cotton seed is required for:
What is the relationship between marginal cost (MC) and fixed cost (FC):
Among the following, which is not a breed of goat?
Given below are two statements:
Statement I: India is the largest producer and exporter of cinnamon in the world.
Statement II: True cinna...
Sucrose consists of:
Agricultural economists which are involved in price determination & market channels are known as………………….