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  • ICAR and TNAU E-Course Summarized

    Summarized Notes
  • Demand for wheat is

    Question: Demand for wheat is

    Options:

    Relatively elastic
    Relatively inelastic*
    Perfectly elastic
    Perfectly inelastic

    ✅Explanation: Wheat is a staple food for many people. Even if the price increases, people might not significantly reduce their consumption because they need it for basic sustenance. This suggests a relatively inelastic demand.

    📌 Other Options Explained:
    -a) Relatively elastic: This would imply a larger decrease in quantity demanded with a price increase, which isn't typical for wheat.
    -c) Perfectly elastic: This is a theoretical case where a small price increase leads to zero demand, which isn't realistic for wheat.
    -d) Perfectly inelastic: This suggests no change in quantity demanded regardless of price changes, which is also unrealistic for most goods.

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