Business Analytics · Quiz 2 · 24 Mar 2024 · January 2024 term

Question 1: Say a demand response curve is modelled as a constant ela…

Question 1

+2 marksNumerical answer

Say a demand response curve is modelled as a constant elasticity curve. If Q1 is 2400 units, Q2 is 1500 units, P1 is Rs. 100 and P2 is Rs. 200, then what is the elasticity of the curve?
(Note: Enter the answer rounded to two decimal places. For example, if the answer is “1.234”, then enter it as “1.23”)

Show answer

Correct answer: 0.68 (accepted within ±0.02)

Video solution

The video solution to this question is being recorded and will play here. Until then, the answer key is above.

See the whole paper Take it as a mock test

Question 1 of 17 in the IIT Madras BS Business Analytics (Business Analytics) Quiz 2 paper sat on 24 Mar 2024, in the January 2024 term (IIT M DIPLOMA AN EXAM QDD2 24 Mar 2024). It carries 2 marks.

More questions from this paper

Q2A parts supplier must assign supply from 5 warehouses (W1, W2, W3, W4 and W5) to 3 customers (C1, C2 and C3), such that…
Q3A parts supplier must assign supply from 5 warehouses (W1, W2, W3, W4 and W5) to 3 customers (C1, C2 and C3), such that…
Q4A parts supplier must assign supply from 5 warehouses (W1, W2, W3, W4 and W5) to 3 customers (C1, C2 and C3), such that…
Q5A parts supplier must assign supply from 5 warehouses (W1, W2, W3, W4 and W5) to 3 customers (C1, C2 and C3), such that…
Q6Milo’s Motors (MM) is a motorcycle brand that manufactures electric two wheelers. MM wants to understand the relationsh…
Q7Milo’s Motors (MM) is a motorcycle brand that manufactures electric two wheelers. MM wants to understand the relationsh…
Q8Milo’s Motors (MM) is a motorcycle brand that manufactures electric two wheelers. MM wants to understand the relationsh…
Q9Milo’s Motors (MM) is a motorcycle brand that manufactures electric two wheelers. MM wants to understand the relationsh…
Q10Milo’s Motors (MM) is a motorcycle brand that manufactures electric two wheelers. MM wants to understand the relationsh…
Q11Milo’s Motors (MM) is a motorcycle brand that manufactures electric two wheelers. MM wants to understand the relationsh…
Q12An AI engine to scrutinize applications for the BS program is being developed. The aim of the AI engine is to shortlist…
Q13An AI engine to scrutinize applications for the BS program is being developed. The aim of the AI engine is to shortlist…
Q14An AI engine to scrutinize applications for the BS program is being developed. The aim of the AI engine is to shortlist…
Q15An AI engine to scrutinize applications for the BS program is being developed. The aim of the AI engine is to shortlist…
Q16An AI engine to scrutinize applications for the BS program is being developed. The aim of the AI engine is to shortlist…
Q17An AI engine to scrutinize applications for the BS program is being developed. The aim of the AI engine is to shortlist…