The price elasticity may be calculated in the formula [(New Quantity – Old Quantity) / Old Quantity] [(New Price old Price) / Old Price], then price-inelastic product, the resulting number is less than 1. Option B is correct.
The price elasticity measures the change in consumption of a product in response to a change in its price.
Price elasticity of a product occurs when a percentage change in price generates a smaller percentage change in quantity required, In the given scenario, a product's price elasticity is always less than 1.
A product is considered elastic if its price elasticity is greater than one. It indicates that a percentage change in price leads to a greater percentage change in quantity requested.
Therefore, option B is correct.
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