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Questions › IIT JAM › IIT JAM 2025 › Q57
2 marksMicroeconomics › Demand theory and elasticity › Price elasticity of demandModerateabout 2 min

IIT JAM 2025 Question 57: Demand theory and elasticity

Demand curve for a commodity in your consumption basket is given by P2Q5=392.67P^2Q^5=392.67P2Q5=392.67. The absolute value of your own price elasticity of demand for this commodity is ________ (rounded off to one decimal place).

Answer and worked solution

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Plain-text version

Demand curve for a commodity in your consumption basket is given by P²Q⁵=392.67. The absolute value of your own price elasticity of demand for this commodity is (*rounded off to one decimal place*).

Also written as: Demand curve for a commodity in your consumption basket is given by P^2Q^5=392.67. The absolute value of your own price elasticity of demand for this commodity is (*rounded off to one decimal place*).

Demand theory and elasticity has come up 161 times in 7 exams since 2004.

What this question tests

This question is on Price elasticity of demand, part of Demand theory and elasticity in Microeconomics.

How responsive quantity is to price, at a point, along a linear curve, and for constant-elasticity demand.

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