Staceyrycz6393 Staceyrycz6393

12-04-2024
Business

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Question 13: Let E be the elasticity of demand of some commodity. Which of the following best describes when E>1? We say that demand is inelastic, meaning that demand is relatively sensitive to small changes in price. What does it mean when E>1?
1) Demand is elastic
2) Demand is inelastic
3) Demand is unitary elastic
4) Demand is perfectly elastic

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