Suppose the price of the commodity is declined by 10%, as a result of which, the quantity demanded increased by 20%. Then, calculate the value of the elasticity of demand ($e_D$) and confirm its type.

If tea and coffee can be used in place of one another, then which of the following statements hold true ?

(A) Increase in price of tea leads to decrease in demand for coffee.

(B) Increase in price of tea leads to increase in demand for coffee.

(C) Tea and coffee are substitute goods.

(D) Decrease in price of tea leads to increase in price of coffee.

(E) Tea and Coffee are complimentary goods.

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A rational consumer is the one who has :

Which of the following can shift the demand curve to the right?

(A) Increase in the income of the consumer (For normal goods).

(B) Decrease in the price of complementary goods.

(C) Increase in the price of substitute goods.

(D) Increase in the price of goods.

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Individual demand for a good does not depend upon which of the following?

A consumer is willing to give up 4 bananas if it is given an extra mango, but in the market, if it gives up 6 bananas, this bundle will be considered.

Which of the following are true about indifference curves?

(A) All the points lying on an indifference curve provide the consumer with different levels of satisfaction.

(B) Indifference curves are convex to the origin due to law of Diminishing Marginal Rate of Substitution.

(C) Higher indifference curve gives greater level of utility.

(D) In the case of perfect substitutes, indifference curves are straight lines.

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