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Theory Of Consumer Behaviour

Question

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According to geometric method, e_D on the mid-point of straight line moving from left to right is 1 or unit elastic.

Solution

True because at mid-point of straight line demand curve, lower segment is equal to upper segment of demand curve.

Some More Questions From Theory Of Consumer Behaviour Chapter

When does a consumer attain equilibrium according to indifference curve approach?

Give meaning of demand.

Name two determinants of demand.

List the factors that cause changes in demand.

What is law of demand?

What is demand schedule?

Why does demand curve slope downwards?

Differentiate between substitute and complementary goods.

What is meant by one good being substitute of other?

What is meant by one good being complementary to another.

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