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When demand is inelastic the price elasticity of demand is?An inelastic demand is one in which the change in quantity demanded due to a change in price is small. If the formula creates an absolute value greater than 1, the demand is elastic. In other words, quantity changes faster than price. If the value is less than 1, demand is inelastic.
When the price elasticity of demand is equal to one the demand curve is?If the number is equal to 1, elasticity of demand is unitary.
When demand is relatively price the coefficient for the price elasticity of demand will be less than one?The PED coefficient is usually negative, although economists often ignore the sign. Demand for a good is relatively inelastic if the PED coefficient is less than one (in absolute value). Demand for a good is relatively elastic if the PED coefficient is greater than one (in absolute value).
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When quantity demanded of a commodity does not change with change in price coefficient of price elasticity of demand is?
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