Questions

Dr. B.R. Ambedkar received Bharat Ratna in the year 1990.

The each degree of latitude is equals to 111 kms approx (69 miles). As Earth is lightly ellipsoid in shape it changes at equator and poles from 110.5 kms to 111.7 kms respectively.

If the percent change in quantity demanded is less than the percent change in price, economists label the demand for the good as inelastic.

A good that is inelastic does not have very stretchy demand. In economic terms, the quantity demanded does not change a lot when the price changes.

So, if the price of a good increases by 10 percent and the quantity demanded decreases by only 5 percent or less than 10, that good is said to have inelastic demand.

Hence, in this case, consumers are not considered very sensitive, or responsive, to a change in the price of that good.