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
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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