Solved UPSC CDS/OTA Question
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Q · Law of ElasticityMedium · 45s
How can we measure the elasticity of demand?
TopicLaw of Elasticity
Question Typemultiple choice
DifficultyMedium
Marking+1 / −0.33
Test Duration30 min
Step-by-Step Solution
The complete worked solution.
Every step explained - no skipped algebra.
Percentage method: Measures change in demand relative to change in price.
Total expenditure method: Observes how total spending changes with price.
Point method: Measures elasticity at a specific point on the demand curve.
Final Answer: Option D - All of the above