Match the following:
| a. Responsiveness of demand to change in price | 1. Income elasticity of demand |
| b. Responsiveness of demand to change in tastes | 2. Price elasticity of demand |
| c. Responsiveness of demand to change in income | 3. Cross elasticity of demand |
| d. Responsiveness of demand to change in price of related goods | 4. Taste elasticity of demand |
A. a-4, b-3, c-1, d-2
B. a-1, b-2, c-3, d-4
C. a-3, b-4, c-2, d-1
D. a-2, b-4, c-1, d-3
Answer: Option D
This Question Belongs to Management >> Managerial Economics
Related Questions on Managerial Economics
The emphasis of managerial economics is on
A. Bonus theory
B. Normative theory
C. System theory
D. Accounting theory
Which is not the subject of Managerial Economics?
A. Accounting Theory
B. Pricing Decision, Policies and Practices
C. Capital Management
D. Profit Management
Which is not covered under the scope of managerial economics?
A. Profit management
B. Accounting theory
C. Pricing policies
D. Production analysis
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