{"id":4773,"date":"2024-03-05T16:11:55","date_gmt":"2024-03-05T16:11:55","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=4773"},"modified":"2024-03-05T16:11:55","modified_gmt":"2024-03-05T16:11:55","slug":"suppose-the-price-of-mangoes-increases-from-50-per-kg-to-75-per-kg-due-to-this-the-demand-for-mangoes-declines-from-100-kg-to-50-kg-which-one-of-the-following-is-the-price-elasticity-of-demand-for","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/suppose-the-price-of-mangoes-increases-from-50-per-kg-to-75-per-kg-due-to-this-the-demand-for-mangoes-declines-from-100-kg-to-50-kg-which-one-of-the-following-is-the-price-elasticity-of-demand-for\/","title":{"rendered":"Suppose the price of mangoes increases from 50 per kg to 75 per kg. Due to this, the demand for mangoes declines from 100 kg to 50 kg, Which one of the following is the price elasticity of demand for mangoes?"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a97dbc624f7d\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    4                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    3                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"true\">\r\n                    2                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    1                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is (c) 2.<\/p>\n<p>Price elasticity of demand is a measure of how responsive consumers are to changes in the price of a good <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> or service. It is calculated by dividing the percentage change in quantity demanded by the percentage change in price.<\/p>\n<p>In this case, the price of mangoes increases by 50% (from 50 to 75), and the quantity demanded decreases by 50% (from 100 to <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> 50). Therefore, the price elasticity of demand is 2.<\/p>\n<p>A price elasticity of demand of 2 means that a 1% increase in price will lead to a 2% decrease in quantity demanded.<\/p>\n<p>A price elasticity of demand of less than 1 means that demand is inelastic. This means that consumers are not very responsive to changes in price, and a change in price will not have a large impact on the quantity demanded.<\/p>\n<p>A price elasticity of demand of greater than 1 means that demand is elastic. This means that consumers are very responsive to changes in price, and a change in price will have a large impact on the quantity demanded.<\/p>\n<p>In this case, the price elasticity of demand is 2, which means that demand is elastic. This means that consumers are very responsive to changes in price, and a change in price will have a large impact on the quantity demanded.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Join Our Telegram Channel Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Suppose the price of mangoes increases from 50 per kg to 75 per kg. Due to this, the demand for mangoes declines from 100 kg to 50 kg, Which one of the following is the price elasticity of demand for mangoes?<\/title>\n<meta name=\"description\" content=\"Price elasticity of demand is a measure of how responsive consumers are to changes in the price of a good or service. 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