a-1, b-3, c-4, d-2
a-1, b-2, c-4, d-3
a-1, b-3, c-2, d-4
a-1, b-2, c-3, d-4
Answer is Right!
Answer is Wrong!
The correct answer is: A. a-1, b-3, c-4, d-2.
Here is a brief explanation of each option:
- a-1. Robinson’s definition of elasticity of demand is the proportional change of amount purchased in response to a small change in price divided by the proportional change in price. This is the most common definition of elasticity of demand, and it is the one that is used in the question.
- b-3. Boulding’s definition of elasticity of demand is the percentage change in quantity demanded, which would result from 1% change in price. This definition is equivalent to Robinson’s definition, but it is expressed in terms of percentages rather than proportions.
- c-4. Cairn Cross’s definition of elasticity of demand is the rate at which the quantity bought changes as the price changes. This definition is similar to Robinson’s definition, but it focuses on the rate of change rather than the proportional or percentage change.
- d-2. Marshall’s definition of elasticity of demand is the elasticity for demand in a market is large or small according to how the amount of demand increases for a given fall in price and diminishes more or less for a given rise in price. This definition is similar to Cairn Cross’s definition, but it focuses on the amount of demand rather than the rate of change.
I hope this explanation is helpful. Please let me know if you have any other questions.