Questions 1
Different people may have different tastes, but their tastes do not change over time. TRUE OR FALSE?
Questions 2
Demand is unit elastic whenever?
Homework Answers
1. False.
- It is true that different people have different tastes but these tastes do change over time. It may not be the same even after few years.
- This is because, when the economy is undergoing many changes, new products are being produced and people have a greater tendency to turn towards these products out of curiosity or due to certain other factors.
- This is mainly because their preferences also change over time as the economy undergoes rapid changes.
2. Option A.
- Price elasticity of demand is said to measure the changes in the demand of any good or a service in accordance with the changes in its price.
- A goods demand is said to be unitary elastic if it's price elasticity of demand is equal to 1 or has an absolute value of 1.
Add Answer to:
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