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Questions › Microeconomics › Demand theory and elasticity

Demand theory and elasticity: previous year questions

Asked 5 times in 2 exams across 3 years. Newest first.

Practise Demand theory and elasticity, easy to hard →

  1. GATE 2023 Q52Suppose the own price elasticity of demand and income elasticity of demand are given by eₚ and e_I, respectively. The subscript p represents own…
  2. IIT JAM 2022 Q21An analyst estimated the demand function Q_E = 0.75 - 1.5P_E + 2.5P_F - 0.5P_B + 3.2I, where Q_E is electric vehicles (thousand per year), P_E, P_F…
  3. GATE 2021 Q1A firm finds that for the product that it produces, its (own) price elasticity of demand is 4. Currently, the firm is selling 2000 units per month…
  4. IIT JAM 2021 Q48A consumer always spends 50% of monthly income on food. A value added tax raises food prices by 20% while income is unchanged. The consumer's price…
  5. IIT JAM 2021 Q49A consumer's utility is u(x₁, x₂) = x₁ + 2√(x₂). At current prices and income the optimal bundle is (x₁ = 10, x₂ = 10). If income rises by 50% with…