Show Recommended textbook solutions Krugman's Economics for AP2nd EditionDavid Anderson, Margaret Ray 1,042 solutions Principles of Economics8th EditionN. Gregory Mankiw 1,209 solutions Krugman's Economics for AP2nd EditionDavid Anderson, Margaret Ray 1,000 solutions Essentials of Investments9th EditionAlan J. Marcus, Alex Kane, Zvi Bodie 689 solutions When the quantity demanded is completely unresponsive to price what is the value of price elasticity of demand?- the case where the quantity demanded is completely unresponsive to price, and the price elasticity of demand equals zero.
When quantity demanded is completely unresponsive to price?If quantity demanded is completely unresponsive to changes in price, demand is Perfectly inelastic. Perfectly inelastic demand means that quantity demanded remains the same when price increases or decreases.
What does it mean if the elasticity of demand is zero?E = 0: demand is perfectly inelastic, meaning that demand does not change at all when the price changes. 0 < E < 1: in these cases, the % change in demand from is smaller than the percentage change in price, and the demand is inelastic.
What is it called when price elasticity of demand is between zero and one?A good or service that has an income elasticity of demand between zero and 1 is considered a normal good and income inelastic. If a good or service has an income elasticity of demand below zero, it is considered an inferior good and has negative income elasticity.
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When the quantity demanded is completely unresponsive to price and the price elasticity of demand equals zero is?
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