Comment upon the shape of the demand curve if the price of a commodity rises by $10 %$ and there is no change in its quantity demanded.

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Solution

If the quantity demanded for the product remains the same whether price increases or decreases. Therefore, if commodity prices rises by 10% then there will be no change in the quantity demanded. Hence, the shape of the demand curve is perfectly elastic.

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Comment upon the shape of the demand curve if the price of a commodity rises by 10% and there is no change in its quantity demanded.

If the quantity demanded for the product remains the same whether price increases or decreases. Therefore, if commodity prices rises by 10% then there will be no change in the quantity demanded. Hence, the shape of the demand curve is perfectly elastic.

Comment upon the shape of the demand curve if the price of a commodity rises by $10 %$ and there is no change in its quantity demanded.