Asked by Wilfried Lazarus on Sep 24, 2024
A price elasticity of demand of -0.67 implies
A) Demand is inelastic
B) Demand is elastic
C) Demand is unitary elastic
D) Demand is perfectly elastic
Price Elasticity of Demand
A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage change.
Demand
The quantity of a product or service consumers are willing and able to purchase at various price levels.
- Master the concept of how changes in pricing affect the elasticity of demand.
Learning Objectives
- Master the concept of how changes in pricing affect the elasticity of demand.