When demand is inelastic the proportional change in quantity demanded is equal to the proportional change in price. quantity demanded is not very responsive to a change in price. producers react quickly to price changes. quantity demanded is very responsive to a change in price.
When demand is inelastic the proportional change in quantity demanded is equal to the proportional change in price. quantity demanded is not very responsive to a change in price. producers react quickly to price changes. quantity demanded is very responsive to a change in price.
Chapter6: Elasticities
Section: Chapter Questions
Problem 8P: If the elasticity of demand for hamburgers equals 21.5 and the quantity demanded equals 40,000,...
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