question archive What is the type of elasticity of a good with elasticity less than one: a
What is the type of elasticity of a good with elasticity less than one: a
Subject:EconomicsPrice:2.88 Bought3
What is the type of elasticity of a good with elasticity less than one:
a. Inelastic,
b. Unit elastic,
c. Elastic,
d. Perfectly elastic.
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- The correct answer is a. Inelastic.
A form of elasticity of a product that is less than one is called inelastic. When the demand for a product is inelastic, it can be represented as Ed (Elasticity of Demand) < 1. The inelastic demand shows that a change in quantity demanded is less than the variation in price.
