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1 Oct 2019
If the demand for a product is elastic, then:
I. The change in the quantity demanded is greater than the change in income.
II. The percentage change in quantity demanded is greater than the percentage in price.
III. Buyers are not very sensitive to a change in price.
IV. The percentage change in price is greater than the percentage change in quantity demanded.
If the demand for a product is elastic, then:
I. The change in the quantity demanded is greater than the change in income.
II. The percentage change in quantity demanded is greater than the percentage in price.
III. Buyers are not very sensitive to a change in price.
IV. The percentage change in price is greater than the percentage change in quantity demanded.
Reid WolffLv2
5 May 2019
