ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The elasticity of demand for tissues is 0.66. This means the demand for tissues is
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elastic
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unit elastic
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inelastic
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really expensive
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Explanation:
Detailed explanation-1: -Thus, a product’s price elasticity of demand equal to 0.6 means that the demand is inelastic (since the elasticity is less than 1). An increase in the price by 1% would reduce the quantity demanded by 0.6%.
Detailed explanation-2: -The price elasticity of demand for a good is given as-0.67, which shows the inelasticity of the demand curve to the price change.
Detailed explanation-3: -Answer and Explanation: If the price elasticity of demand for a good is 0.75, the demand for the good can be described as A. elastic.
Detailed explanation-4: -A-0.5-income elasticity means that demand is relatively inelastic. This happens in the case of a good that needs to be bought regardless of price.
There is 1 question to complete.