if customers buy a quantity of seven products per week, regardless of the price, the numeric value of the price elasticity of de

Question

zhannawk [14.2K]

1 year ago

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if customers buy a quantity of seven products per week, regardless of the price, the numeric value of the price elasticity of de

mand for the product is:_________.

Business

1 answer:

RideAnS [48] · Answer 1 · 2024-04-12T09:53:41+03:00

If customers buy a quantity of seven products per week, regardless of the price, the numeric value of the price elasticity of demand for the product is zero.

<h3>What is the price elasticity of demand?</h3>

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.

Price elasticity of demand = percentage change in quantity demanded / percentage change in price

When a person purchases the same quantity of a good regardless of the price, it means that demand is perfectly inelastic. Perfectly inelastic demand means that the same quantity of a good is bought regardless of the price. Essential goods usually have a perfectly inelastic demand.

To learn more about price elasticity of demand, please check: brainly.com/question/18850846

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