Price Elasticity Of Demand and Its Types

[Q] Define Price Elasticity of Demand? Explain the different types of Price Elasticity of Demand.

मागको मूल्यलोचको परिभाषा दिनुहोस् । मागको मूल्यलोचको प्रकारहरुको व्याख्या गर्नुहोस् ।  

-----------------------------------------------------

मूल्य लोच भन्नाले मूल्यमा भएको परिवर्तनले मागमा कति प्रतिशतले प्रभाव पर्दछ भन्ने जनाउदछ । अर्थात मूल्यमा एक प्रतिशतले परिवर्तन हुदा मागमा कति प्रतिशतले परिवर्तन हुन्छ भनि अध्ययन गर्ने पद्धतीलाई मूल्य लोचलाई जनाउदछ । 

(The variation in demand in response to a variation in price is called price elasticity of demand. It may also be defined as the ratio of the percentage change in demand to the percentage change in price of particular commodity.  It is used by economists to understand how supply or demand changes given changes in price to understand the workings of the real economy.)

John Robbins का अनुसार, ‘‘कुनै पनि मूल्य तथा परिमाण हुने मागको लोच त्या हो जसलाई मागको परिमाणमा हुने आनुपातिक परिवर्तनलाई मूल्यमा हुने आनुपातिक परिवर्तनले भाग गर्दा आँउदछ ।’’ (The Elasticity of demand at any price or at any output is the proportional change to amount purchased response to a small change in price, divided by the proportional changes of price.)

Price Elasticity of Demand (Ep) = % change is Quantity Demand /  % change in Price 

सामान्यतया मागको मूल्य लोच ऋणात्मक हुन्छ किनकी वस्तुको मूल्य र माग परिमाण बिच विपरित सम्बन्ध हुन्छ । (The above formula usually yields a negative value, due to the inverse nature of the relationship between price and quantity demanded, as described by the "law of demand" ) 

मागको मूल्य लोचका प्रकारहरु

(Types of Price Elasticity of Demand)

1. Perfectly Elastic Demand [Ep = ] (पुर्णलोचदार माग )

मूल्यमा भएको सामान्य परिवर्तनले मागमा असङ्ख्य परिवर्तन सिर्जना गर्दछ भने त्यसलाई पूर्ण लोचदार माग भनिन्छ ।

(The demand is said to be perfectly elastic if the quantity demanded increases infinitely (or by unlimited quantity) with a small fall in price. Thus, it is also known as infinite elasticity. It does not have practical importance as it is rarely found in real life.) 

Figure:  1

2. Relatively Elastic Demand [Ep >1] (सापेक्षित लोचदार माग)

मूल्यमा भएको परिवर्तन भन्दा मागमा बढी दरमा परिवर्तन हुन्छ भने त्यसलाई सापेक्षित लोचदार माग भनिन्छ । (The demand is said to be relatively elastic if the percentage change in demand is greater than the percentage change in price.)

Figure 2

3. Unitary Elastic Demand [Ep = 1] एकाई वरावर माग

मूल्यमा भएको परिवर्तन, मागमा भएको परिवर्तन सँग वरावर हुन्छ भने त्यसलाई एकाई वरावर माग भनिन्छ । (The demand is said to be unitary elastic if the percentage change in quantity demanded is equal to the percentage change in price.)

Figure 3

4. Relatively Inelastic Demand [Ep <1] सापेक्षित बेलोचदार माग

मूल्यमा भएको परिवर्तनको अनुपात भन्दा वस्तुको मागको परिमाण कम अनुपातमा परिवर्तन हुन्छ भने ल्यसलाई सापेक्षित बेलोचदार भाग भनिन्छ ।मागमा भएको परिवर्तन सँग वरावर हुन्छ भने त्यसलाई एकाई वरावर माग भनिन्छ । (The demand is said to be relatively inelastic if the percentage change in quantity demanded is less than the percentage change in price.) 

Figure 4

5. Perfectly Inelastic Demand [Ep = 0]   पुर्ण बेलोचदार माग

मूल्यमा जतिसुके प्रतिशतले परिवर्तन भएपनि मागमा परिवर्तन हुदैन भने त्यसलाई

पुर्ण बेलोचदार माग भनिन्छ । (The demand is said to be perfectly inelastic if the demand remains constant whatever may be the price (i.e. price may rise or fall).

Figure 5 

मागको मूल्य लोचका निर्धारक तत्वहरु

(Determinants of Price Elasticity of Demand)

1. Availability of Substitute goods  - प्रतिस्थापन वस्तुको उपलब्धता

2. Income of the Consumer - उपभोक्ताको आम्दानी  

3. Necessity - अत्यावसक वस्तु

4. Habits -  बानी 

5. Several Use of the commodity - वस्तुको विभिन्न प्रयोग

6. Brand Loyalty - ब्रान्डमा विश्वास

7. Complementary Goods  - संयुक्त माग वा परिपुरक वस्तुहरु