If the value of the price elasticity of demand is 0.7, the demand is said to...
If the value of the price elasticity of demand is 0.7, the demand is said to be?
A. partially inelastic.
B. elastic
C. Unit elastic
D. inelastic
E. partially elastic
Homework Answers
Answer
Option D
D. inelastic
The elasticity of demand is the measure of the sensitiveness of quantity demanded because of a change in price.
In proportional or percentage terms
The change in quantity is higher than price then it elastic where elasstcity is above 1.
the change in quantity is equal to price then it is unit elastic, where elasticity is equal to 1.
the change in quantity is lower than price then it is inelastic where elasticity is below 1.
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