An elasticity value of 0.6 would be classified as: price elastic, meaning that consumers are relatively...
An elasticity value of 0.6 would be classified as:
|
price elastic, meaning that consumers are relatively sensitive to price. |
||
|
price elastic, meaning that consumers are not relatively sensitive to price. |
||
|
price inelastic, meaning that consumers are relatively sensitive to price. |
||
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price inelastic, meaning that consumers are not relatively sensitive to price. |
Homework Answers
The correct answer is option (D) i.e
price inelastic, meaning that consumers are not relatively sensitive to price.
Because 0.6 is less then 1 so it is inelastic means that when the price goes up, consumers' buying habits stay about the same, and when the price goes down, consumers' buying habits also remain unchanged.
Add Answer to:
An elasticity value of 0.6 would be classified as:
price elastic, meaning that consumers are relatively...
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