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Questions › IIT JAM › IIT JAM 2026 › Q30
2 marks, −0.667Microeconomics › Demand theory and elasticity › Price elasticity of demandModerateabout 2 min

IIT JAM 2026 Question 30: Demand theory and elasticity

Consider a demand curve represented as qapb=cq^{a}p^{b}=cqapb=c, where qqq is the quantity demanded, ppp is the per unit price, and aaa, bbb, and ccc are all positive constants. The absolute value of the own price elasticity of demand is

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Consider a demand curve represented as q^ap^b=c, where q is the quantity demanded, p is the per unit price, and a, b, and c are all positive constants. The absolute value of the own price elasticity of demand is (A) b/a (B) a/b (C) b (D) a

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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