Why is understanding demand elasticity useful for an artisan in handicrafts?
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Answer and explanation
Correct answer: It indicates how demand may change when price changes
Demand elasticity helps in understanding pricing strategy. Exam tip: remember the relationship between price and demand.
Frequently asked questions
What is the correct answer to this question?
It indicates how demand may change when price changes
Why is this the correct answer?
Demand elasticity helps in understanding pricing strategy. Exam tip: remember the relationship between price and demand.
Which subject and chapter does this question cover?
This is a Class 11 Home Science question. Chapter: Work, Livelihood and Career. Topic: Traditional occupations in India - Handicrafts.
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