This topic contains 0 replies, has 0 voices, and was last updated by  EduGorilla 1 year, 10 months ago.

  • Author
    Posts
  • #618518 Reply
     EduGorilla 
    Keymaster
    Select Question Language :


    Directions: In Econoville, there is one grocery shop, Ecoconvenience. It used to sell fresh milk at Rs. 20 per litre. At this price, 400 litres of milk was sold per month. After some time, the price was raised to Rs. 30 per litre.

    This rise in price led to the following:

    Only 200 litres of milk was sold every month.
    The number of boxes of cereal customers bought went down from 280 to 240.
    The number of packets of powered milk customers bought went up from 90 to 220 per month.

    What can be said about the price elasticity of demand for fresh milk?

    Options :-

    1. It is perfectly elastic.
    2. It is elastic.
    3. It is perfectly inelastic.
    4. It is inelastic.
    Post your Training /Course Enquiry
    Are You looking institutes / coaching center for
    • IIT-JEE, NEET, CAT
    • Bank PO, SSC, Railways
    • Study Abroad
    Select your Training / Study category
Reply To: Directions: In Econoville, there is one grocery shop, Ecoconvenience. It used to sell fresh milk at ….
Your information:




GET UPTO 50%    OFF!
Verify Yourself




Log in with your credentials

or    

Forgot your details?

Create Account