{"id":48591,"date":"2024-04-15T22:43:30","date_gmt":"2024-04-15T22:43:30","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=48591"},"modified":"2024-04-15T22:43:30","modified_gmt":"2024-04-15T22:43:30","slug":"match-the-following-list-i-economist-list-ii-statement-a-robinson-1-the-elasticity-of-demand-at-any-price-or-at-any-output-is-the-proportional-change-of-amount-purchased-in-response-to-a-small","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-economist-list-ii-statement-a-robinson-1-the-elasticity-of-demand-at-any-price-or-at-any-output-is-the-proportional-change-of-amount-purchased-in-response-to-a-small\/","title":{"rendered":"Match the following. List-I (Economist) List-II (Statement) a. Robinson 1. The elasticity of demand at any price or at any output is the proportional change of amount purchased in response to a small change in price divided by the proportional change in price b. Boulding 2. The elasticity of demand may be defined as the percentage change in quantity demanded, which would result from 1% change in price c. Cairn Cross 3. The elasticity of demand for a commodity is the rate at which the quantity bought changes as the price changes d. Marshall 4. 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"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;a-1, b-3, c-4, d-2&#8243; option2=&#8221;a-1, b-2, c-4, d-3&#8243; option3=&#8221;a-1, b-3, c-2, d-4&#8243; option4=&#8221;a-1, b-2, c-3, d-4&#8243; correct=&#8221;option1&#8243;]<!--more--><\/p>\n<p>The correct answer is: A. a-1, b-3, c-4, d-2.<\/p>\n<p>Here is a brief explanation of each option:<\/p>\n<ul>\n<li><strong>a-1.<\/strong> Robinson&#8217;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.<\/li>\n<li><strong>b-3.<\/strong> Boulding&#8217;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&#8217;s definition, but it is expressed in terms of percentages rather than proportions.<\/li>\n<li><strong>c-4.<\/strong> Cairn Cross&#8217;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&#8217;s definition, but it focuses on the rate of change rather than the proportional or percentage change.<\/li>\n<li><strong>d-2.<\/strong> Marshall&#8217;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&#8217;s definition, but it focuses on the amount of demand rather than the rate of change.<\/li>\n<\/ul>\n<p>I hope this explanation is helpful. Please let me know if you have any other questions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;a-1, b-3, c-4, d-2&#8243; option2=&#8221;a-1, b-2, c-4, d-3&#8243; option3=&#8221;a-1, b-3, c-2, d-4&#8243; option4=&#8221;a-1, b-2, c-3, d-4&#8243; correct=&#8221;option1&#8243;]<\/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":[],"class_list":["post-48591","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"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>Match the following. List-I (Economist) List-II (Statement) a. Robinson 1. The elasticity of demand at any price or at any output is the proportional change of amount purchased in response to a small change in price divided by the proportional change in price b. Boulding 2. The elasticity of demand may be defined as the percentage change in quantity demanded, which would result from 1% change in price c. Cairn Cross 3. The elasticity of demand for a commodity is the rate at which the quantity bought changes as the price changes d. Marshall 4. 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<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-economist-list-ii-statement-a-robinson-1-the-elasticity-of-demand-at-any-price-or-at-any-output-is-the-proportional-change-of-amount-purchased-in-response-to-a-small\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Match the following. List-I (Economist) List-II (Statement) a. Robinson 1. The elasticity of demand at any price or at any output is the proportional change of amount purchased in response to a small change in price divided by the proportional change in price b. Boulding 2. The elasticity of demand may be defined as the percentage change in quantity demanded, which would result from 1% change in price c. Cairn Cross 3. The elasticity of demand for a commodity is the rate at which the quantity bought changes as the price changes d. Marshall 4. 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List-I (Economist) List-II (Statement) a. Robinson 1. The elasticity of demand at any price or at any output is the proportional change of amount purchased in response to a small change in price divided by the proportional change in price b. Boulding 2. The elasticity of demand may be defined as the percentage change in quantity demanded, which would result from 1% change in price c. Cairn Cross 3. The elasticity of demand for a commodity is the rate at which the quantity bought changes as the price changes d. Marshall 4. 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","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-economist-list-ii-statement-a-robinson-1-the-elasticity-of-demand-at-any-price-or-at-any-output-is-the-proportional-change-of-amount-purchased-in-response-to-a-small\/","og_locale":"en_US","og_type":"article","og_title":"Match the following. List-I (Economist) List-II (Statement) a. Robinson 1. The elasticity of demand at any price or at any output is the proportional change of amount purchased in response to a small change in price divided by the proportional change in price b. Boulding 2. The elasticity of demand may be defined as the percentage change in quantity demanded, which would result from 1% change in price c. Cairn Cross 3. The elasticity of demand for a commodity is the rate at which the quantity bought changes as the price changes d. Marshall 4. 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","og_description":"[amp_mcq option1=&#8221;a-1, b-3, c-4, d-2&#8243; option2=&#8221;a-1, b-2, c-4, d-3&#8243; option3=&#8221;a-1, b-3, c-2, d-4&#8243; option4=&#8221;a-1, b-2, c-3, d-4&#8243; correct=&#8221;option1&#8243;]","og_url":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-economist-list-ii-statement-a-robinson-1-the-elasticity-of-demand-at-any-price-or-at-any-output-is-the-proportional-change-of-amount-purchased-in-response-to-a-small\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2024-04-15T22:43:30+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-economist-list-ii-statement-a-robinson-1-the-elasticity-of-demand-at-any-price-or-at-any-output-is-the-proportional-change-of-amount-purchased-in-response-to-a-small\/","url":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-economist-list-ii-statement-a-robinson-1-the-elasticity-of-demand-at-any-price-or-at-any-output-is-the-proportional-change-of-amount-purchased-in-response-to-a-small\/","name":"Match the following. 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