Match the following.
List-I (Economist) | List-II (Statement) |
a. Robinson | 1. The elasticity of demand at any price or at any output is the proportional change of amount purchased in response to a small change in price divided by the proportional change in price. |
b. Boulding | 2. The elasticity of demand may be defined as the percentage change in quantity demanded which would result from 1% change in price. |
c. Cairn cross | 3. The elasticity of demand for a commodity is the rate at which the quantity bought changes as the price changes. |
d. Marshall | 4. The elasticity for demand in a market is great or small according as the amount of demand increases much or little for a given fall in price and diminishes much or little for a given rise in price. |
A. a-1, b-3, c-4, d-2
B. a-1, b-2, c-4, d-3
C. a-1, b-3, c-2, d-4
D. a-1, b-2, c-3, d-4
Answer: Option D
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