Question 25
MediumOriginal questionA demand schedule is given.
| Price (₹) | Quantity demanded |
|---|---|
| 10 | 20 |
| 8 | 30 |
| 6 | 40 |
| 4 | 60 |
| 2 | 100 |
By the total expenditure method, what is demand like when the price falls from ₹10 to ₹8?
Show the answer and explanation
CorrectNot quiteAnswer B
Correct answer: B
Explanation
Spending at ₹10 = 10 × 20 = ₹200; at ₹8 = 8 × 30 = ₹240.
Price falls and spending rises: elastic.
- Concept
- Total expenditure from a schedule
- Typical timeTypical
- 70 s
- Your timeYours
- —
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