Homework Answers
Answer)
Price elasticity is the responsiveness of quantity demanded to the change in price.
So, the elasticity in the short run is likely to be more inelastic or lower. Since even if a commodity is expensive, the consumers will purchase that commodity in the short run and they do not alter their demand of the commodity. So, elasticity in the short run is lower.
But in the longer run, consumers would not like to spend much wealth on the expensive good and they will shift their demand to some other alternative that may be cheaper. So, the price elasticity of demand will be higher in the long run.
So, Elasticities are often lower in the short run than they are in the long run.
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