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Business Analytics · Quiz 1 · 25 Feb 2024 · January 2024 term

Question 13: Based on the computed elasticity, what kind of demand is…

Question 13

+1 markOne correct option

Given the imaginary demand response curve in the below figure, answer the given subquestions.

Based on the computed elasticity, what kind of demand is being exhibited by the product?

  1. A

    Elastic demand

  2. B

    Inelastic demand

  3. C

    Demand for an inferior good

  4. D

    Demand for a normal good

Show answer

Correct answer

  • A

    Elastic demand

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Question 13 of 20 in the IIT Madras BS Business Analytics (Business Analytics) Quiz 1 paper sat on 25 Feb 2024, in the January 2024 term (IIT M DIPLOMA AN2 EXAM QDD2 25 Feb 2024). It carries 1 mark.

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