The price elasticity of demand for gizmos is known to be 0.5 (in absolute value). Therefore,...
The price elasticity of demand for gizmos is known to be 0.5 (in absolute value). Therefore, the demand for gizmos can be described as
A. elastic.
B. unitary.
C. inelastic.
D. perfectly inelastic.
E. perfectly elastic.
Homework Answers
Ans. C. inelastic.
When PED is less than 1 the demand for good i.e. gizmos is inelastic because a change in price leads to smaller change in demand.
When PED is equal to 1 it shows unitary demand.
When PED is equal to 0 it shows perfectly inelastic demand.
When PED is equalt to infinity it shows perfectly elastic demand.
When PED is greater than 1 it shows elastic demand.
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