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25 June, 05:06

If the price-elasticity coefficient for a good is. 75, the demand for that good is described as: A. NormalB. ElasticC. InferiorD. Inelastic

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  1. 25 June, 06:08
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    The correct answer is D.

    Explanation:

    Price elasticity of demand is a measure to show the degree of change in quantity demanded of a commodity due to change in its price. It is calculated by the ratio of change in quantity demanded to change in price.

    If the coefficient is 1, demand is said to be unitary elastic. If the coefficient is more than 1, it means the demand is elastic. If the coefficient is less than 1, then the demand is said to be inelastic.

    Here, the coefficient is 0.75, this means that the demand is inelastic. When demand is inelastic a greater change in price causes a smaller change in quantity demanded of the commodity.
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