Question
When price elasticity of demand is unity, the total
expenditure:Solution
In simple terms, if a commodity has unitary elastic demand, then no matter if the price increases or decreases, the total expenditure made on it remains unchanged. In the above example, the price elasticity of demand is equal to one because the total expenditure remains the same no matter if the price falls or rises.
Which Article prohibits discrimination by the State on grounds such as religion, race, caste, sex, or place of birth?
What was India’s rank in ‘GLOBAL MILITARY EXPENDITURE’ in year 2022-23?
Amjad Ali Khan is renowned for his expertise in which musical instrument?
Manish Jain has been appointed as the Executive Director of which bank?
Who has been appointed as the next President of the European Council as of October 2024?
Which of the following is INCORRECT about Treaty of Bassein?
The word 'Dhakar' in Uttarakhand is related to which of the following?
Who is the author of the book “The $Ten Trillion Dream: The State of the Indian Economy and the Policy Reforms Agenda”?
What new research facility has IIT Madras launched, recognized as the largest in Asia?
Consider the following statements regarding ‘GIFT NIFTY’:
Statement-I: GIFT NIFTY is the first of its kind trading link, with trading and...
