Start learning 50% faster. Sign in now
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.
Arrange the following words in a logical and meaningful order.
1. Monkey
2. Elephant
3. Rat
4. Fly
5. Lion
Select the wrong term from the given series?
RFD, OBY, LXT, ITO, FSK
Find the wrong number in the following number series:
2500, 1000, 400, 160, 60
Select the wrong term in the series.
10, 19, 23, 52, 61, 133, 149
60 32 4 8 -4
8, 20, 48, 108, 232, 482
Select the wrong term in the series.
44, 47, 41, 50, 38, 53, 40
Find the wrong number.
17, 25, 37, 47, 65, 81
5, 15, 30, 135, 405, 1215, 3645
In the following question, select the wrong number from the given alternatives.
52, 26, 26, 52, 208, 1644