If the calculated price elasticity of demand between two points is -1.5, demand is A) elastic....
If the calculated price elasticity of demand between two points is -1.5, demand is
A) elastic.
B) unit-elastic.
C) unresponsive to price.
D) inelastic.
When a household spends over 70% of its monthly income on a good, demand will be
elastic.
unit-elastic.
inelastic.
elastic, unit-elastic or inelastic depending upon supply.
Homework Answers
Ans) the correct option is a) elastic
Since the absolute value of price elasticity of demand is greater than 1 so the demand is elastic.
Ans) the correct option is c) inelastic
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If the calculated price elasticity of demand between two points
is -1.5, demand is
A) elastic....
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