Advertisements
Advertisements
Question
The value of price elasticity of demand is 0.8. Is demand elastic or inelastic? Give reason.
Advertisements
Solution
Inelastic because the value of Ed is less than one (Ed < 1)
APPEARS IN
RELATED QUESTIONS
With the help of a graph explain the relatively inelastic demand for a commodity.
Which of the following goods have inelastic demand?
A product's demand is ______ when the time period under consideration is longer.
With the help of a diagram define perfectly elastic demand.
What is unitary elastic demand? Draw a diagram to illustrate it.
For the following list of goods state whether the demand is elastic or inelastic. Give reasons:
Matchboxes
How do we determine whether the demand for a particular commodity is elastic or inelastic?
Define perfectly elastic demand.
A list of goods is given below. state whether the price elasticity of demand is inelastic, relatively elastic, highly elastic or highly inelastic. Give reasons to support your answer.
demand for school uniform
A list of goods is given below. state whether the price elasticity of demand is inelastic, relatively elastic, highly elastic or highly inelastic. Give reasons to support your answer.
demand for electricity
