Balbharati solutions for Economics HSC 12th Standard Maharashtra State Board
Chapter 3 - (B) ELASTICITY OF DEMAND [Latest edition]
Q.2 Give economic term:
Degree of responsiveness of quantity demanded to change in income only.
Sol: - Income elasticity
Degree of responsiveness of a change in quantity demanded of one commodity due to change in the price of another commodity.
Sol: - Cross elasticity
Degree of responsiveness of a change of quantity demanded of a good to a change in its price.
Sol: - Elasticity demand
Elasticity resulting from infinite change in quantity demanded.
Sol: - Perfectly Elasticity of demand
Elasticity resulting from a proportionate change in quantity demanded due to a proportionate change in price.
Sol: - Price Elasticity
