{"id":51022,"date":"2024-04-15T23:18:47","date_gmt":"2024-04-15T23:18:47","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=51022"},"modified":"2024-04-15T23:18:47","modified_gmt":"2024-04-15T23:18:47","slug":"match-the-following-list-i-list-ii-a-responsiveness-of-demand-to-change-in-price-1-income-elasticity-of-demand-b-responsiveness-of-demand-to-change-in-tastes-2-price-elasticity-of-demand-c-respo","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-responsiveness-of-demand-to-change-in-price-1-income-elasticity-of-demand-b-responsiveness-of-demand-to-change-in-tastes-2-price-elasticity-of-demand-c-respo\/","title":{"rendered":"Match the following. List-I List-II a. Responsiveness of demand to change in price 1. Income elasticity of demand b. Responsiveness of demand to change in tastes 2. Price elasticity of demand c. Responsiveness of demand to change in income 3. Cross elasticity of demand d. Responsiveness of demand to change in price of related goods 4. Taste elasticity of demand"},"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_6a9742711b9f3\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"true\">\r\n                    a-1, b-2, c-3, d-4                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    a-4, b-3, c-1, d-2                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    a-3, b-4, c-2, d-1                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    a-2, b-4, c-1, d-3                <\/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: <strong>A. a-1, b-2, c-3, d-4<\/strong><\/p>\n<ul>\n<li><strong>Price elasticity of demand<\/strong> measures the responsiveness of the quantity demanded of a good to a change in its price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price.<\/li>\n<li><strong>Income elasticity of demand<\/strong> measures the responsiveness of the quantity demanded of a good to a change in income. It is calculated as the percentage change in quantity demanded divided by the percentage change in income.<\/li>\n<li><strong>Cross elasticity of demand<\/strong> measures the responsiveness of the quantity demanded of a good to a change in the price of another good. It is calculated as the percentage change in quantity demanded of the good divided by the percentage change in the price of the other good.<\/li>\n<li><strong>Taste elasticity of demand<\/strong> measures the responsiveness of the quantity demanded of a good to a change in consumer tastes. It is calculated as the percentage change in quantity demanded divided by the percentage change in tastes.<\/li>\n<\/ul>\n<p>In the given question, List-I gives the four types of elasticities of demand, while List-II gives the definitions of <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 <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> 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> the four types of elasticities of demand. The correct match is as follows:<\/p>\n<ul>\n<li><strong>a. Responsiveness of demand to change in price<\/strong> : Price elasticity of demand<\/li>\n<li><strong>b. Responsiveness of demand to change in tastes<\/strong> : Taste elasticity of demand<\/li>\n<li><strong>c. Responsiveness of demand to change in income<\/strong> : Income elasticity of demand<\/li>\n<li><strong>d. Responsiveness of demand to change in price of related goods<\/strong> : Cross elasticity of demand<\/li>\n<\/ul>\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>Match the following. List-I List-II a. 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