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Maharashtra Board Class 12 Solutions for Economics Chapter 3B Elasticity of Demand

Last updated date: 27th Feb 2024
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Maharashtra Board Class 12 Solutions for Economics Chapter 3B Elasticity of Demand – Download Free PDF with Solution

The demand for a commodity depends on many factors. These factors are considered to be variables. A change in one or more of these variables can cause a change in the demand for a commodity. This is where the importance of elasticity of demand lies in the modern-day world.

This chapter explains what elasticity of demand is and how many types are there. To understand these concepts, refer to the Elasticity of Demand solutions prepared by the experts. These solutions will deliver the right answer to all the questions in the exercise and will help you to complete preparing this fundamental chapter in the Class 12 syllabus.

Importance of Maharashtra Board Class 12 Economics Chapter 3B Elasticity of Demand

This chapter introduces students to the concepts of elasticity of demand. In the previous chapters, they have studied what demand is and how to analyse it. Here, they will learn what the factors or variables that determine the elasticity of demand of a commodity are.

There are three types of elasticity of demand taught in this chapter. These types are income, cross, and the price elasticity of demand. All these types focus on particular variables. For instance, the income elasticity of demand depends on the income of the population. It is also of three kinds which are positive, negative and zero income elasticity.

Cross elasticity, on the other hand, is the calculation of the change in demand for a product due to the change in the price of another product. To understand the concepts of this chapter, focus on the Maharashtra Board Class 12 Economics Solutions Chapter 3B Elasticity of Demand.

Price elasticity of demand explains how the demand for commodity changes when its price changes. If you observe, you will find that all the demand elasticity types are of three types. Hence, understanding the concepts will not be a problem if you focus on the fundamental principles.

Benefits of Class 12 Economics Chapter 3B Elasticity of Demand Solutions

  • These solutions can be downloaded easily in PDF format and can be referred to whenever you want. You can use it as a reliable study material when you want to solve and check the answers to the 3B Elasticity of Demand exercise questions.

  • The concise solutions of this chapter will also help you memorise and revise the concepts faster. The easier format of these solutions gets imprinted in your mind easily. You will be able to recall the correct answers to all the questions without any hassle.

  • You can check and resolve doubts on your own and can proceed with the preparation of this chapter. Make it faster and more efficient with these solutions.

Download Elasticity of Demand Class 12 Solutions PDF

Get the free PDF version of these solutions for this chapter and complete your study material. The solutions are of the highest quality as they have been compiled by the top subject experts following the latest Maharashtra Board syllabus. So, make your study sessions more productive and more fruitful with Elasticity of Demand exercises and answers in the solutions and score well in the exams.

FAQs on Maharashtra Board Class 12 Solutions for Economics Chapter 3B Elasticity of Demand

1. What is demand?

The volume of consumers who want to consume a commodity or product in a market is called demand.

2. What is supply?

This is the fundamental concept in economics that determines the specific volume of a commodity or product available for consumption in a market.

3. Why are there three subtypes in every type of elasticity of demand?

If we observe we will find out that all these types of elasticity of demand will show either positive, zero, or negative effects on the demand of a commodity when a crucial factor is changed.

4. How is income related to demand?

If the income of a population reduces or increases, it will show a change in the demand for a commodity. 

5. Why do we study the elasticity of demand?

It helps us to understand the price of different factors of production.