If the price of hand calculators falls from $10 to $9 and, as a result, the quantity demanded increases from 100 to 125, then Multiple Choice demand is price inelastic. demand is unit elastic with respect to price. demand is price elastic. not enough information is given to make a statement about elasticity.

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11-07-2022
Business

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If the price of hand calculators falls from $10 to $9 and, as a result, the quantity demanded increases from 100 to 125, then Multiple Choice demand is price inelastic. demand is unit elastic with respect to price. demand is price elastic. not enough information is given to make a statement about elasticity.

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tutorconsortium203 tutorconsortium203 · Answer 1 · 2022-07-21T20:31:15+02:00

If the price of hand calculators falls from $10 to $9 and, as a result, the quantity demanded increases from 100 to 125, then "demand is price elastic".

What is elastic demand?

A demand that is elastic experiences a significant shift in quantity demanded as a result of a price adjustment.

When the amount sought changes little as a result of a price adjustment, the demand is said to be inelastic.

Some properties of price elastic demand are-

If the amount demanded of a product changes more than proportionally as its price rises or falls, it is said to be elastic.
In contrast, a product is said to be inelastic if changes in price have minimal effect on changes in quantity demanded.
There is a quantity effect that results in fewer units being sold when the price of an elastic good rises, which lowers revenue.
The quantity demanded is less responsive to a change in price the lower the price elasticity of demand.

There are three main types of price elasticity of demand:

elastic,
unit elastic, and
inelastic

To know more about elastic demand, here

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